THOUSAND OAKS, CA-Kennedy Wilson of Beverly Hills has acquired the 354,341-sf Oaks at Westlake office campus, which traded for $92.5 million a year ago in a sale to Tishman Speyer. The Beverly Hills firm says that it sees upside in filling the 21% vacancy at the three-story class A office project, which is a landmark in the Thousand Oaks area for its 43-acre campus and its A.C. Martin design.

The Oaks at Westlake campus, which was originally developed in 1982 by Prudential Insurance Co. as a regional office for the insurance firm, was extensively renovated this year. It was designed by Los Angeles architect Martin to feature a three-story atrium that spans the length of the building’s interior.

The property is occupied by three major tenants: Baxter Healthcare, Verizon and HMS Capital. Barry Schlesinger, chairman of the fund management group for Kennedy Wilson, says that the building has great lease-up potential since a significant portion of in-place rents are below market.

Schlesinger notes that the acquisition of the Oaks is part of an expansion of its office portfolio that is now under way at Kennedy Wilson. The firm bought the Oaks campus through its sponsored funds, KWI Property Fund I and KW Property Fund II.

Industry professionals familiar with the Oaks at Westlake say that since it was originally developed as a regional headquarters for a major financial institution, it was built according to higher standards than most suburban office buildings of its day. The campus features large reflecting pools in front of the building and a vast outdoor surface parking area, with six distinct parking fields connected by internal roadways.

The office campus is adjacent to the Promenade at Westlake, a retail venue developed by Caruso Affiliates of Los Angeles.

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