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Friday, Apr 19, 2024

Kennedy Wilson Buys Van Nuys Property

Real estate investment trust Kennedy Wilson Holdings Inc. purchased a Van Nuys office building from Jamison Services Inc. as part of a $78.5 million three-property deal, the company said Friday. Tri Center is a 143,256-square-foot Class A office building at Sepulveda Boulevard and Oxnard Street. The building, constructed in 1990, is 84 percent leased. “We are very excited by the acquisition of these three office buildings, each at a significant discount to their respective replacement cost,” said John Prabhu, president of Kennedy-Wilson’s KW Commercial Investment Group, in a statement. The Beverly Hills REIT also acquired Marina Glen in Marina Del Rey and the Royal Beverly Glen office building in Beverly Hills in the deal. Jamison Services Inc., a Los Angeles real estate investment company, was represented by CBRE Inc. Shares of Kennedy Wilson lost 5 cents, or less than 1 percent, to close at $24.95 on the New York Stock Exchange.

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