BEVERLY HILLS, CA-Kennedy Wilson has completed the acquisition of 145 Fairfax, a 56,000-square-foot office building in the Miracle Mile area of Los Angeles, for approximately $13.5 million. The property is directly across from the retail center known as the Grove and the “historic Farmers Market.”
The office building is part of the office portfolio acquisition previously revealed by the company. The company expects to close the remaining property in the next several weeks.
Kennedy Wilson’s ownership position in the portfolio is approximately 37%, with the remaining equity owned by Kennedy Wilson Real Estate Fund IV, Fairfax Financial and the LeFrak Organization.
The portfolio acquisition was a direct, off-market deal. The Beverly Hills-based company, which says this increases its assets under management to $9.8 billion, declined to name the seller. GlobeSt.com learns from an unidentified source that the seller of 145 Fairfax is Jamison Services. The buildings are located in various submarkets of Los Angeles, including Beverly Hills, Miracle Mile and Encino.
As GlobeSt.com previously reported, Mary Ricks, executive vice chair of Kennedy Wilson, said that “These assets are premier properties in highly desirable locations. This is the company’s first significant office acquisition in this cycle, and we were able to source this transaction off-market through an existing long-term relationship.”
Kennedy Wilson has been in the news a lot lately. As GlobeSt.com previously reported, the company just recently revealed plans to issue 6 million shares of common stock. BofA Merrill Lynch and Deutsche Bank Securities will act as “book running managers,” or the entities that control stock purchase orders from investors. Kennedy-Wilson plans to use the capital infusion to “repay borrowings under its revolving credit facility and for working capital and general corporate purposes, including future acquisitions and co-investments,” according to a statement released by the company.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
