Kennedy Wilson acquires San Francisco Bay Area office campus for $115m

Kennedy Wilson has acquired Hamilton Landing, an institutional-quality, wholly owned office campus with seven buildings across 20 acres in Novato, Calif., for $115 million. The company invested $55 million of equity and assumed a $60 million interest-only loan at a fixed rate of 4.34 percent maturing in 2025. Hamilton Landing was built in the 1930s as an Air Force base, decommissioned in the 1970s and then converted into class A creative office space in phases between 2000 and 2008.

Hamilton Landing is located approximately 25 miles north of Downtown San Francisco in Marin County, Calif., with proximity to some of the Bay Area’s most desirable neighborhoods and access to many transit options, including a SMART train station located half a mile from the property. The site overlooks protected wetlands and includes amenities including outdoor paths, bike racks, locker rooms and a café. The Kennedy Wilson team also has the opportunity to develop additional amenities or office space on a vacant parcel where an eighth building can be built.

Hamilton Landing is 92 percent occupied with a weighted average lease term of 4.5 years.