On July 29, 2010, KBS REIT II transacted the largest ever, single asset purchase by a non-traded REIT. They acquired 300 North LaSalle Street in Chicago, a 60 story office tower containing 1.3 million rentable square feet, for $655 million.

KBS REIT II recently announced that they have entered into a purchase and sale agreement with the Irvine Company, located in Southern California, for $850 million. The sale price is a $195 million gain over the initial purchase price and is $74 million over the appraised value of $776 million.

This sale has also set a new record for the highest sale price for a single building in Chicago, surpassing the sale of the Sears Tower ($844 million) in 2004. In a filing with the SEC, KBS intends to make a special distribution to stockholders in the third quarter for most of the proportionate principle and profits from the sale.