Last Updated: December 20, 2011 12:46pm ET
UPDATE

Kennedy Wilson Completes $144M Portfolio Buy

By Natalie Dolce
Print Email Share Reprints News Tip? Get Alerts
Disable this ad

Build your business NOW, subscribe to the NEW GlobeSt.com

Membership is FREE and provides access to a world of timely information, expert insight and analysis, and an unparalleled array of resources not available from other commercial real estate media outlets. SIGN UP today by simply selecting which free email alerts you would like to receive (unlimited) and immediately begin to experience the business building advantages of GlobeSt.com.

Begin the easy registration process by selecting the email alerts you would like to receive and then click SIGN UP.

Already a member?
Log-in here.

Ricks

BEVERLY HILLS, CA-Kennedy Wilson and its equity partners have completed the acquisition of 6400 Canoga, also known as Warner Atrium. The 126,000-square-foot office building in Woodland Hills, CA, is the fifth property in a five property portfolio buy worth $143.5 million.

As GlobeSt.com first reported, back in June, the firm purchased the portfolio, totaling 700,000 square feet, with a 37% stake in the properties with the remaining equity owned by Kennedy Wilson Real Estate Fund IV, Fairfax Financial and the LeFrak Organization. The acquisition was a direct, off-market deal.

The Beverly Hills-based company, which says this increases its assets under management to $9.8 billion, declined to name the seller, but an unidentified source tells GlobeSt.com that the seller of the portfolio was Jamison Services Inc., a private company based in Los Angeles.

The buildings are located in various submarkets of Los Angeles, including Beverly Hills, Miracle Mile and Encino. This particular property is located in Woodland Hills’ master-planned community of Warner Center, which is emerging as the city center of the San Fernando and Conejo Valleys. According to Jamison Services’ website, rent at the Warner Atrium property is approximately $1.85 per square foot.

Mary Ricks, executive vice chair of Kennedy Wilson, recently said that “These assets are premier properties in highly desirable locations. This is the company’s first significant office acquisition in this cycle, and we were able to source this transaction off-market through an existing long-term relationship.”

145 Fairfax, one of the
properties in the portfolio buy

As GlobeSt.com previously reported, in early November, Kennedy Wilson completed the purchase of 145 Fairfax, a 56,000-square-foot office building in the Miracle Mile area of Los Angeles, for approximately $13.5 million, which was also part of the portfolio buy.

Kennedy Wilson, together with its institutional partners, has acquired approximately $5.1 billion of real estate and real estate secured debt through joint venture and consolidated investments since the beginning of 2010. The estimated value of the assets under the company’s management is currently more than $12 billion.

Categories: West, Office, Acquisitions/Dispositions, Los Angeles

Natalie Dolce Natalie Dolce, editor of the West Coast region for GlobeSt.com and Real Estate Forum, is responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, Natalie was Northeast bureau chief, covering New York City for GlobeSt.com. Dolce’s background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats Arthur Frommer’s Budget Travel magazine, FashionLedge.com, Co-Ed magazine, and has also freelanced for a number of publications including MSNBC.com and Museums New York magazine. Contact Natalie Dolce.

GLOBEST.COM B2B FEATURED SERVICE PROVIDERSAdd your company

Apartment Bank Coldwell Banker Commercial Green Courte Partners Lone Oak Fund

RELATED CONTENT

Los Angeles
Events & Networking
Distressed Assets
GlobeSt.TV Videos

Comments+ Add your comment

Be the first to comment on this post using the section below.

Post your comment

You must be registered to post a comment. Click here to register.

Log in

If you have already registered to GlobeSt.com, please use the form below to login. When completed you will immeditely be directed to post a comment.

LOCATE A SERVICE

Featured Advertisers

Property Alert

Post Your Property

User's Choice