May 26, 2017 Comments Off on Kennedy Wilson Acquires Glendale Campus for $144M Views: 513 California News, Los Angeles

Kennedy Wilson Acquires Glendale Campus for $144M

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Kennedy Wilson’s Real Estate Fund V acquired a 100% interest in 400 and 450 N. Brand Blvd., a 437,000-square-foot office campus in Glendale, CA from MetLife Inc. for $144 million. The fund invested a total of $50 million of equity, and also secured a five-year interest-only loan for $94 million.

Kennedy Wilson’s Nicholas Colonna says, the asset “offers both a strong initial yield and attractive asset management opportunities within an area that continues to expand, driven by a large growth in urban housing and a strong presence of entertainment and other large corporations.”

The two-building, Class-A institutional office campus currently is 88% leased to 21 tenants, including Cigna and the headquarters for DineEquity and Learner’s Digest International.

With this acquisition, Fund V’s capital is now approximately 90% invested or committed.

JLL’s Tom Bohlinger and Jon Lange represented the seller and buyer. JLL’s Brian Halpern and Alex Kane handled the financing.

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