Kennedy Wilson Takes 214,000SF LA Office
- Jun 27, 2008
Kennedy Wilson has agreed to purchase a 16-story office tower in Los Angeles. The building, 6100 Wilshire, is located adjacent to Beverly Hills at the southwest corner for Wilshire and Fairfax. Financial details of the deal were not revealed.The 214,000-square-foot property is currently 85 percent occupied by tenants including CBS, Ovation, World Link, Fulfillment Fund, Idea Asylum and City National Bank. Upon purchase, Kennedy Wilson plans to redevelop the building by undertaking a comprehensive modernization of the property, which was originally built in 1986. Kennedy Wilson is confident that the building will retain its value because of the low supply of available office space in the area, according to a company statement. The Wilshire submarket has not experienced much new construction due to the lack of developable land. The building’s value is also enhanced by its proximity to Beverly Hills, Downtown Los Angeles and other high-profile areas. The building was purchased by Kennedy Wilson through two of its sponsored funds, KW Property Fund II and KW Property Fund III in a joint venture. General Electric Capital Corp. provided acquisition funding for the purchase. In other Kennedy Wilson news, the real estate services and investment firm purchased an interest in two multi-family properties in Richmond, Calif., both owned by Emerald Fund. The ownership stake was purchased through another joint venture by Kennedy Wilson funds, KW BASGF II and KW Fund III. The properties will provide affordable housing in the San Francisco Bay Area, home of some of the highest housing prices in the United States.