ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
Termination of Purchase and Sale Agreement for Sale of Union Bank Plaza
As previously disclosed in a Current Report on Form 8-K filed with the
Securities and Exchange Commission on May 24, 2022, on May 18, 2022, KBS Real
Estate Investment Trust II, Inc. (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"). Union Bank Plaza is a 40-story office
building located in Los Angeles, California containing 701,888 rentable square
feet on approximately 3.7 acres of land. Pursuant to the Agreement, the
Purchaser had an inspection period ending June 16, 2022 to conduct due diligence
on the property.
Upon expiration of the due diligence period on June 16, 2022, the Purchaser did
not deliver to the Company a notice to proceed indicating the Purchaser's
election to proceed with the transaction contemplated by the Agreement.
Accordingly, the Agreement was terminated pursuant to its terms by the Purchaser
on June 16, 2022. As a result, the Purchaser will receive a refund of funds
deposited as earnest money toward the purchase price.
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