NoHo Office Property Acquired by Kennedy Wilson Partnership
- Sep 09, 2013
As the L.A. office market continues its climb from the depths of the recession, some investors are taking every opportunity made available to them. It was recently announced that Kennedy Wilson, an international real estate investment and services firm, acted as a partner in the acquisition of a North Hollywood office asset. The Beverly Hills-based investor provided $7.9 million of equity for the transaction which totaled $45 million. $30 million in financing was secured by the parties involved in the purchase from Pacific Western Bank.
The newly acquired asset located at 5161 Lankershim Boulevard includes a four story Class A office building, as well as a seven-story parking facility. The steel frame construction provides the new owners with 188,366 leasable square feet in the heart of the NoHo submarket, which in recent months has discovered a new tech appeal. Kennedy Wilson will look to market the 1984-built property’s unique features such as its large balconies and courtyard. The new landlord also plans immediate improvements to the facility’s common areas such as the bathrooms, elevators, lobbies, and parking structure.
According to KW Commercial Investment Group President, John Prabhu, the company is putting its faith into the asset’s “intrinsic characteristics that will allow it to strongly capitalize on the tenant demand created by the technology, media and entertainment industries that proliferate the region and largely drive its economy.” The company, along with its institutional partners, has had a busy 2013, having acquired real estate worth approximately $2.1 billion, totaling 2.7 million square feet of commercial assets on the West Coast, U.K. and Ireland.