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Kennedy Wilson buys LA offices

The Beverly Hills-based real estate investment firm has acquired a 16-story office building in California’s Beverly Hills through its latest two real estate funds.

Real estate investment firm Kennedy Wilson has purchased the 6100 Wilshire office building near Beverly Hills, California. The property was acquired through the firm’s KW Property Fund II and KW Property Fund III real estate funds for an undisclosed sum.

Kennedy Wilson plans to redevelop the property, which has 213,961 square feet of rentable space, saying a lack of developable land in the area would provide “significant upside potential.” About 85 percent of the office building is leased to firms such as CBS, Ovation, World Link and City National Bank. Acquisition financing for the deal was provided by General Electric Capital Corporation.

In April, the firm acquired a portfolio of three office buildings in Burbank, California for $94.1 million (€60.2 million). The trio of properties are all located in downtown Burbank, an area of interest for its large number of media and entertainment companies headquartered there.

Founded in 1977, Beverly Hills, California-based Kennedy Wilson has offices throughout the US and Japan. Its fund management division, KW Fund Management, focuses on the acquisition, management, repositioning and disposition of real estate assets.