SAN JOSE—Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson, recently acquired five single-story R&D buildings and a two-story office building totaling 257,000 square feet in South San Jose for $53.5 million. The institutional-quality commercial buildings expand Kennedy Wilson's presence in Silicon Valley and its growing portfolio of flex office assets across a global footprint.
"We are confident in the long-term prospects of the greater South Bay market where Kennedy Wilson Fund VI currently owns investments in excess of 660,000 square feet of commercial space. We were eager to move on an opportunity to acquire a high-quality portfolio with such a strong tenant base at a discount to replacement cost," said Nick Colonna, president of commercial investments and fund management at Kennedy Wilson. "With return-to-work arrangements in flux, these six buildings are perfectly suited to adapt to the needs of a range of tenants long into the future."
The portfolio feeds off the strong local technology, manufacturing, education and healthcare markets in the South Bay. The portfolio is currently 100% occupied by 15 tenants.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
