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January 24, 2021
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Kennedy Wilson Fund VI Closes $55 Mil Office Buy in Salt Lake City


Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson, has acquired three, two-story office buildings and two development sites totaling 247k sf in Greater Salt Lake City, UT for $55 mil. The institutional quality commercial buildings at Parkway Center expand Kennedy Wilson’s presence in the Mountain States and its growing portfolio of institutional quality office assets across a global footprint.

“The Salt Lake City region continues to be a compelling investment market for us within the Mountain States, where we continue to focus on expanding our presence across our various real estate vehicles,” said Kennedy Wilson President Mary Ricks. “Parkway Center offers a diverse, well-capitalized tenant base and several opportunities for our team to implement asset management strategies that will maximize the property’s upside, including future development on the two vacant parcels.”

The campus, covering 24.2 acres surrounded by outdoor amenities, feeds off the growing local employment market and favorable business environment, offering relatively affordable, high-quality space with convenient access to the broader Salt Lake Metro Area. Parkway Center is located just 15 minutes from Salt Lake City International Airport and Downtown Salt Lake City. The campus is currently 100% occupied by five credit tenants, including Amazon and Verizon, which each occupy their own, single-tenant buildings.

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 15 multifamily and 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 $1.2 bil.

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