UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 24, 2014
KBS REAL ESTATE INVESTMENT TRUST II, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Maryland | 000-53649 | 26-0658752 | ||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
620 Newport Center Drive, Suite 1300
Newport Beach, California 92660
(Address of principal executive offices)
Registrant’s telephone number, including area code: (949) 417-6500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS
Disposition of One Main Place
On February 5, 2010, KBS Real Estate Investment Trust II, Inc. (the “Company”), through an indirect wholly owned subsidiary, KBSII One Main Place, LLC, purchased a Class A office building containing 315,133 rentable square feet on approximately 0.9 acres of land in Portland, Oregon (“One Main Place”). On December 24, 2014, the Company sold One Main Place to a purchaser unaffiliated with the Company or its advisor for $87.3 million or $86.3 million net of concessions and credits. The cost of One Main Place was $64.5 million, which includes the initial purchase price of $54.4 million plus capital expenditures and lease commissions since acquisition of $9.5 million and acquisition fees and expenses of $0.6 million. The sale price per square foot of One Main Place, based on the $86.3 million sale price net of concessions and credits, but excluding closing costs and expenses, was approximately $274 compared to a cost per square foot of $205.
On December 24, 2014, in connection with the disposition of One Main Place, the Company repaid $16.9 million of the outstanding principal balance due under a portfolio revolving loan which was partially secured by One Main Place.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KBS REAL ESTATE INVESTMENT TRUST II, INC. | ||||||
Dated: December 29, 2014 | BY: | /s/ David E. Snyder | ||||
David E. Snyder | ||||||
Chief Financial Officer | ||||||