Kennedy Wilson Acquires Pasadena Office BuildingMonday, January 20, 2014
Kennedy Wilson said Monday it was part of a partnership that acquired a 175,000-square-foot Class A office complex at 245 S. Los Robles Ave. for $39 million.
The Beverly Hills real estate investment and services firm said the a 3.5-acre property near Old Pasadena consists of an eight-story Class A office tower of approximately 130,000 square feet, a two-story annex building of almost 46,000 square feet and parking facilities.
“We are delighted to acquire a rare value add opportunity in Pasadena, one of Los Angeles County’s most sought after office submarkets,” John Prabhu, president of Kennedy Wilson’s Commercial Investment Group, said in a statement.
Total equity invested in the transaction was $16 million, 5 percent of which was contributed by Kennedy Wilson. The company also secured a $23 million loan on the property from JPMorgan Chase. The company plans to make improvements and rebrand the property, with the annex eventually to be marketed a low-rise creative office space.