Joint Venture Pays $18 Mil for Office Complex

COSTA MESA, CA-A joint venture between Beverly Hills-based Kennedy-Wilson Inc. and Hudson Properties of Pasadena has purchased the 1901 Newport Plaza office complex here from Los Angeles businessman Nickolas N. Shammas in a deal valued in excess of $18 million, according to published reports.

Located at 1901 Newport Blvd., the complex consisting of three buildings was originally built as the corporate headquarters for the now defunct Pacific Federal Savings and Loan Association in the early 1980s. The three buildings include a 142,000 sf Class A mission-style office building, a 2,400-sf historic schoolhouse and a 2,400-sf warehouse/multi-purpose facility.

Known for years as a real estate auction house, Kennedy-Wilson is also an international real estate services, investment and fund management firm. As the new owner of the complex, Kennedy-Wilson is cosmetically upgrading the property’s interior and exterior. The firm expects first tenant move-ins to begin June 1.