Kennedy Wilson Makes Three L.A. AcquisitionsThursday, October 20, 2011
Kennedy Wilson on Thursday said that it has acquired stakes in three office buildings in the Los Angeles area in transactions totaling $111 million.
The Los Angeles real estate investment and services firm said that buildings are part of a portfolio acquisition announced by the company in June. Kennedy Wilson’s ownership position in the portfolio is about 37 percent, with the remaining equity owned by affiliate Kennedy Wilson Real Estate Fund IV, longtime partner Fairfax Financial and the LeFrak Organization.
The first property, 9301 Wilshire, is in Beverly Hills’ Golden Triangle with tenants that include entertainment agencies, boutique professional firms and medical specialists. 16501 Ventura is in Encino and 9320 Telstar is in El Monte.
“The buildings are excellent assets in some of the stronger rental markets in Los Angeles,” John Prabhu, president of KW Commercial Investment Group, said in a statement.
Kennedy Wilson expects to complete purchase of two more properties in the portfolio by mid-November. The company has acquired $2.8 billion of real estate through consolidated and joint venture investments since the beginning of 2010 and has about $10 billion in assets under management.
Shares closed up 3 cents, or less than 1 percent, to $11.02 on the New York Stock Exchange.