Company and partners also complete $63.5 million financing of
Thousand Oaks office building
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Nov. 16, 2012--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that the company acquired
The Academy Tower, located at 5200 Lankershim Blvd. in North Hollywood,
California, for $48 million. Bank of America Merrill Lynch provided $29
million of financing. Kennedy Wilson invested $19 million of equity in
the transaction.
“The Academy Tower occupies a premier location in the heart of North
Hollywood’s flourishing NoHo Arts District, which is one of Los Angeles’
premier cultural and entertainment centers,” said John Prabhu, president
of KW Commercial Investment Group. “Along with the property’s landmark
physical stature and proximity to some of the world’s most significant
production studios, this has generated tremendous tenant demand for the
property, and these distinctions have allowed it to contribute to North
Hollywood’s stellar vacancy rate as well as the broader Tri Cities’
market-leading YTD absorption.”
The 175,012 square foot office building is 97% leased, with tenants such
as Endemol, IPPT and Starcom Worldwide.
The company and its partners also refinanced One Baxter Way, a 354,782
square foot office building in Thousand Oaks, California owned by
Kennedy Wilson and its partners. Bank of America Merrill Lynch provided
$63.5 million of financing. The property is 91% leased to Baxter, State
Farm and Dignified Transition Solutions.
Kennedy Wilson, together with its institutional partners, has acquired
approximately $6.8 billion of real estate and real estate related debt
since the beginning of 2010.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
24 offices in the U.S., U.K., Ireland, Spain and Japan. The company
offers a comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., U.K., Ireland and Japan. For further information on Kennedy
Wilson, please visit www.kennedywilson.com.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
Vice President of Corporate
Communication
(310) 887-6294
[email protected]
www.kennedywilson.com