The Oaks at Westlake campus, which was originally developed in1982 by Prudential Insurance Co. as a regional office for theinsurance firm, was extensively renovated this year. It wasdesigned by Los Angeles architect Martin to feature a three-storyatrium that spans the length of the building's interior.
The property is occupied by three major tenants: BaxterHealthcare, Verizon and HMS Capital. Barry Schlesinger, chairman ofthe fund management group for Kennedy Wilson, says that thebuilding has great lease-up potential since a significant portionof in-place rents are below market.
Schlesinger notes that the acquisition of the Oaks is part of anexpansion of its office portfolio that is now under way at KennedyWilson. The firm bought the Oaks campus through its sponsoredfunds, KWI Property Fund I and KW Property Fund II.
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