BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
International real estate investment and services firm Kennedy Wilson (NYSE:KW) today announced that the company and its partners acquired 245 S. Los Robles, a 175,792 square foot Class A office project in Pasadena, California, for $39 million. The total equity invested in the transaction was $16 million, 5% of which was contributed by Kennedy Wilson. Additionally, the company secured a $23 million loan on the property from JPMorgan Chase.
“We are delighted to acquire a rare value add opportunity in Pasadena, one of Los Angeles County’s most sought after office submarkets,” said John Prabhu, president of Kennedy Wilson’s Commercial Investment Group. “We are optimistic on the growth of Pasadena and its diverse economic drivers, including its burgeoning tech industry.”
245 S. Los Robles consists of an eight-story Class A office tower totaling approximately 130,000 square feet, a two-story annex building totaling almost 46,000 square feet, a four-level parking structure and an approximately one acre surface parking lot. Collectively, the project is situated on a 3.5 acre site, part of which is zoned for multifamily development, and encompasses nearly an entire city block in the heart of Pasadena. The project is located near the mixed-use Paseo Colorado outdoor lifestyle center as well as Old Town Pasadena and the Lake Avenue Business and Shopping District. Additionally, it is surrounded by hundreds of retail amenities, restaurants, hotels, executive neighborhoods and the local and regional thoroughfares that define the greater Pasadena area.
Rob Hannan, managing director of Kennedy Wilson’s Commercial Investment Group, commented, “We are immediately focused on our capital improvement program to rebrand the property and place it among the submarket’s most desirable office destinations. In concert with our efforts to improve the tower, we intend to position the two-story annex building as one of Pasadena’s premier low-rise creative office settings.”
Kennedy Wilson currently plans to reposition the project through a capital improvement plan that includes various exterior cosmetic enhancements, bathroom remodels, elevator lobby renovations and the addition of highly desired outdoor space for tenants. Concurrent with the immediate implementation of its capital program, Kennedy Wilson will market the property’s available space to companies and prospective tenants in the area.
The company, together with its partners, has acquired approximately $10.9 billion of real estate and real estate related debt since the beginning of 2010. The company’s global investment portfolio includes 10.1 million square feet of commercial real estate along with 17,355 multifamily units.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 24 offices in the U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services, research and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S., U.K., Ireland and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.
- Real Estate
- real estate investment