Newport Beach-based KBS Strategic Opportunity Real Estate Investment Trust Inc. said today that it has finalized a new 23,761-square-foot lease with CorVel Corp. for its 210,905-square-foot Iron Point Business Park in Folsom.
KBS acquired the 15.7-acre Iron Point campus in 2011 and has since signed more than 120,000 square feet in leases, increasing property occupancy from 38 to 62 percent.
Iron Point includes five office buildings along 1110-1180 Iron Point Road in Folsom. The complex along Highway 50 is adjacent to the Intel Corp. campus.
Irvine-based CorVel, which provides medical cost containment and managed health care services nationally, will consolidate its Rancho Cordova and Gold River offices into a single location on the third-floor of 1180 Iron Point Road.
Financial terms of the lease were not disclosed. Kris Reilly, Tom Walcott and Scott Bennett of Colliers International in Sacramento represented KBS in the deal.