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11/19/12
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Kennedy Wilson has acquired The Academy Tower, an eight-story, 175k sf office building in North Hollywood, for $48 mil ($274/sf). Bank of America Merrill Lynch provided $29 mil of financing, while Kennedy Wilson invested $19 mil of equity in the deal.
Built in 1989, The Academy Tower is located at 5200 Lankershim Blvd, east of the 170 Fwy and north of the 134 Fwy, at the northeast corner with Magnolia Blvd in the heart of the region’s NoHo Arts District. The building is 97% leased, with one of the larger tenants being Endemol, an entertainment content producer that leased 50k sf at the building earlier this year. The company is best known for such hits as “Big Brother,” “Wipeout,” “Extreme Makeover: Home Edition” and “Hell on Wheels.” IPPT and Starcom Worldwide are other tenants at The Academy Tower.
“The Academy Tower occupies a premier location in the heart of North Hollywood’s flourishing NoHo Arts District, which is one of Los Angeles’ premier cultural and entertainment centers,” said John Prabhu, president of KW Commercial Investment Group. “Along with the property’s landmark physical stature and proximity to some of the world’s most significant production studios, this has generated tremendous tenant demand for the property, and these distinctions have allowed it to contribute to North Hollywood’s stellar vacancy rate as well as the broader Tri Cities’ market-leading YTD absorption.”
Kennedy Wilson and its partners also refinanced One Baxter Way, a 354.8k sf office building they own in Thousand Oaks. Bank of America Merrill Lynch provided $63.5 mil of financing. The property is 91% leased to Baxter, State Farm and Dignified Transition Solutions. Kennedy Wilson, together with its institutional partners, has acquired approximately $6.8 bil of real estate and real estate related debt since the beginning of 2010.
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