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Wednesday, Jun 7, 2023

Kennedy Wilson Buys NoHo Building for $45 Million

Real Estate Investment Trust Kennedy Wilson Holdings Inc. announced Tuesday the purchase of a $45 million office building in North Hollywood. The Beverly Hills firm bought the four-story structure at 5161 Lankershim Blvd. with one of its partners. Kennedy put up $7.9 million of its own money, with about $30 million coming from Pacific Western Bank and the remainder from its partner. The building is only about 35 percent leased since Disney Interactive, which previously occupied all 181,757 square feet, vacated the building for the new Walt Disney Co. campus in Glendale. John Prabhu, president of Kennedy Wilson’s commercial investment group, said the firm will look to lease the building out to similar tenants. “We believe it has 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,” he said in a prepared statement. The purchase comes less than one month after Kennedy Wilson sold the 191,000 square-foot Encino Executive Plaza at 16501 Ventura Blvd. in Encino to Douglas Emmett Inc. for $61 million. Shares of Kennedy Wilson closed Tuesday down 12 cents or less than 1 percent to $18.32 in trading on the New York Stock Exchange.

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