ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Purchase and Sale Agreement for Sale of Union Bank Plaza
On September 15, 2010, KBS Real Estate Investment Trust II, Inc. (the
"Company"), through an indirect wholly owned subsidiary, acquired a 40story
office building located in Los Angeles, California containing 701,888 rentable
square feet on approximately 3.7 acres of land ("Union Bank Plaza").
On May 18, 2022, the Company, through an indirect wholly owned subsidiary,
entered into a purchase and sale agreement and escrow instructions (the
"Agreement") for the sale of Union Bank Plaza to Harbor Associates, LLC (the
"Purchaser"). The Purchaser is unaffiliated with the Company or its advisor.
Pursuant to the Agreement, the sale price for Union Bank Plaza is $165.0
million, subject to prorations and adjustments as provided in the Agreement.
The closing date is expected to be July 11, 2022, provided that the Company or
the Purchaser may extend the closing date subject to certain conditions set
forth in the Agreement. There can be no assurance that the Company will complete
the sale of Union Bank Plaza. The Purchaser would be obligated to purchase Union
Bank Plaza only after satisfaction of agreed upon closing conditions. In certain
circumstances, if the Purchaser fails to complete the acquisition, it may
forfeit up to $4.0 million of earnest money.
Renewal of Advisory Agreement
On May 21, 2022, the Company renewed its advisory agreement with KBS Capital
Advisors LLC. The renewed advisory agreement is effective through May 21, 2023;
however, either party may terminate the renewed advisory agreement without cause
or penalty upon providing 60 days' written notice. The terms of the renewed
advisory agreement are identical to those of the advisory agreement that was
previously in effect.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Ex. Description
99.1 Advisory Agreement dated May 21, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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