June 16, 2011
By Allison Landa, News Editor
Real estate investment services firm Kennedy Wilson has acquired a five-building real estate office portfolio for $143.5 million. All assets are located in the Los Angeles area, and the acquisition adds 700,000 square feet to the company’s portfolio.
It also brings the total assets under management to $9.8 billion.
According to Kennedy Wilson executive vice chair Mary Ricks, the assets are premier properties in significantly desirable locations.
They are located in submarkets including Beverly Hills, the Miracle Mile and Encino. The first of the five transactions closed June 15, with the remaining transactions expected to close sequentially over the coming 60 days. Kennedy Wilson’s ownership position is approximately 37 percent, with remaining equity owned by Kennedy Wilson Real Estate Fund IV, Fairfax Financial and the LeFrak Org.