International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that the company and one of
its partners acquired 5161 Lankershim Boulevard, a four story Class A
office building and seven story parking structure located in North
Hollywood, California for $45 million. Kennedy Wilson contributed $7.9
million of equity in the transaction. Pacific Western Bank provided $30
million in financing.
“Located at the epicenter of the North Hollywood submarket, 5161
Lankershim is one of the Tri Cities’ premier creative use office
buildings,” said John Prabhu, president of KW Commercial Investment
Group. “We believe it has intrinsic characteristics that will allow it
to strongly capitalize on the tenant demand created by the technology,
media, and entertainment industries that proliferate the region and
largely drive its economy.”
Totaling 188,366 rentable square feet, the property is comprised of
steel frame construction and features rare usable outdoor balconies as
well as a courtyard. Additionally, with a parking ratio of 4/1,000, the
property offers an impressive parking count.
The company’s current plan consists of various enhancements to the
asset’s common areas, including bathrooms, elevators, lobbies and the
parking structure. The company will also aggressively market the
building to prospective tenants in the burgeoning technology,
entertainment, and media industries common to the North Hollywood
submarket.
Kennedy Wilson, together with its institutional partners, has acquired
approximately $2.1 billion of real estate and real estate related debt
globally since the beginning of 2013. This total includes 2.7 million
square feet of commercial assets in the Western U.S., U.K. and Ireland.
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.
Copyright Business Wire 2013