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May 25, 2020
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Kennedy Wilson and Security Benefit Form Joint Venture


Kennedy Wilson and Security Benefit have teamed up in a new joint venture platform targeting stabilized, income producing, high-quality real estate investment opportunities in the Western United States. The venture is initially targeting $500 mil of investments with potential to grow. In its role as asset manager, Kennedy Wilson expects to invest alongside Security Benefit with a 20% interest in the investments of the joint venture and will earn customary fees

The joint venture also announced the acquisition of Sunset North, a 464k sf, institutional quality, three-building campus in Bellevue, WA, for $227 mil ($489/sf). The venture invested $77 mil of equity, including $15 mil of equity from Kennedy Wilson, and secured a 10-year, fixed rate, interest only loan for $150 mil at 3.25%.

The Sunset North office campus covers seven acres at the intersection of I-405 and I-90, with direct access to Downtown Bellevue and Seattle. The property’s three buildings, which are certified LEED Silver, were constructed between 1999 and 2000 and are currently 99% leased to 10 long-term tenants with a weighted-average lease term of eight years.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Michael Moll, and Executive Managing Directors Rob Hannan and Ken White represented the seller, a joint venture of M-M Properties and an institutional investor. The buyer was self-represented. NKF’s David Milestone and Brett Green represented the buyer in securing new acquisition financing.

Kennedy Wilson and affiliates of Security Benefit have invested together in several real estate opportunities since 2015. Most recently, Kennedy Wilson and Cain International partnered on a 390k sf commercial portion of the Coopers Cross mixed-use development in Dublin, Ireland. Security Benefit and Cain International are Eldridge Industries businesses.

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