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November 27, 2020
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Kennedy Wilson Fund VI Spends $53.5 Mil on 257k sf of Properties in South San Jose


Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson, has acquired five single-story R&D buildings and a two-story office building totaling 257k sf in South San Jose for $53.5 mil ($208/sf). The institutional quality commercial buildings expand Kennedy Wilson’s presence in Silicon Valley and its growing portfolio of flex office assets across a global footprint.

“We are confident in the long-term prospects of the greater South Bay market where Kennedy Wilson Fund VI currently owns investments in excess of 660k sf of commercial space. We were eager to move on an opportunity to acquire a high-quality portfolio with such a strong tenant base at a discount to replacement cost,” said Nick Colonna, President of Commercial Investments and Fund Management at Kennedy Wilson. “With return-to-work arrangements in flux, these six buildings are perfectly suited to adapt to the needs of a range of tenants long into the future.”

The portfolio feeds off the strong local technology, manufacturing, education and healthcare markets in the South Bay. The portfolio is currently 100% occupied by 15 tenants.

Kennedy Wilson has an 11% interest in Fund VI, which targets value-add real estate opportunities in high growth markets across the Western United States and focuses on underperforming real estate that should benefit from a significant repositioning or renovation through Kennedy Wilson’s asset management program. The Fund VI portfolio includes 13 multifamily, office, retail and other commercial assets in markets including San Jose and Los Angeles, California; Salt Lake City, Utah; as well as the Denver and Seattle regions with an aggregate purchase price of $1.1 bil.

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