Kennedy Wilson Buys Landmark for $131M

THOUSAND OAKS, CA-Kennedy Wilson of Beverly Hills has acquired the 354,341-sf Oaks at Westlake office campus, which traded for $92.5 million a year ago in a sale to Tishman Speyer. The Beverly Hills firm says that it sees upside in filling the 21% vacancy at the three-story class A office project, which is a landmark in the Thousand Oaks area for its 43-acre campus and its A.C. Martin design.

The Oaks at Westlake campus, which was originally developed in 1982 by Prudential Insurance Co. as a regional office for the insurance firm, was extensively renovated this year. It was designed by Los Angeles architect Martin to feature a three-story atrium that spans the length of the building’s interior.

The property is occupied by three major tenants: Baxter Healthcare, Verizon and HMS Capital. Barry Schlesinger, chairman of the fund management group for Kennedy Wilson, says that the building has great lease-up potential since a significant portion of in-place rents are below market.