Kennedy Wilson JV Buys $144M Office Portfolio

BEVERLY HILLS, CA-Kennedy Wilson has closed on the first building of a five-building portfolio of Los Angeles area office buildings totaling more than 700,000 square feet that it is acquiring for $143.5 million. Kennedy Wilson’s stake in the properties is 37%, with the remaining equity owned by Kennedy Wilson Real Estate Fund IV, Fairfax Financial and the LeFrak Organization.

The acquisition is a direct, off-market deal, with the sales of the remaining buildings in the portfolio expected to close over the next 60 days. The Beverly Hills-based company, which says this increases its assets under management to $9.8 billion, declined to name the seller. The buildings are located in various submarkets of Los Angeles, including Beverly Hills, Miracle Mile and Encino.