May 26, 2017
Connect Los Angeles is coming on June 21st. Here’s where to get more details and register.
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.
For comments, questions or concerns, please contact Dennis Kaiser