Kennedy Wilson fund acquires office property for $144m
Global real estate investment company Kennedy Wilson has acquired 100 percent interest in an office campus in Glendale, Calif., for $144 million. The firm purchased the office campus through Kennedy Wilson Real Estate Fund V.
The property is a 437,000 square-foot office campus consisting of two class-A office buildings. The property is currently 88 percent leased to 21 tenants, including Cigna and the headquarters for DineEquity and Learner’s Digest International.
Fund V invested a total of $50 million of equity and also secured a five-year interest-only loan for $94 million. The fund’s portfolio consists of 18 office, multifamily, retail, and residential investments with a gross purchase price of $1 billion. With this acquisition, Fund V’s capital is now approximately 90 percent invested or committed to existing investments.
Fund V is a value-added fund that invests across various property types, including office, retail and residential properties and wi