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April 18, 2014
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The Foto Finisher

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Kennedy Wilson Venture Spends $39 Mil on Pasadena Office Property


A Kennedy Wilson-led venture acquired 245 S. Los Robles, a 175.8k sf, Class A office project in Pasadena, for $39 mil ($222/sf). The total equity invested in the transaction was $16 mil, 5% of which was contributed by Kennedy Wilson. Additionally, the company secured a $23 mil loan on the property from JPMorgan Chase.

245 S. Los Robles consists of an eight-story office tower totaling approximately 130k sf, a two-story annex building totaling almost 46k sf, a four-level parking structure and an approximately one-acre surface parking lot. Collectively, the project is situated on a 3.5-acre site, part of which is zoned for multifamily development, and encompasses nearly an entire city block in the heart of Pasadena.

The project is located near the mixed-use Paseo Colorado outdoor lifestyle center as well as Old Town Pasadena and the Lake Avenue Business and Shopping District. Additionally, it is surrounded by hundreds of retail amenities, restaurants, hotels, executive neighborhoods and the local and regional thoroughfares that define the greater Pasadena area.

Kennedy Wilson currently plans to reposition the project through a capital improvement plan that includes various exterior cosmetic enhancements, bathroom remodels, elevator lobby renovations and the addition of highly desired outdoor space for tenants. Concurrent with the immediate implementation of its capital program, Kennedy Wilson will market the property’s available space to companies and prospective tenants in the area.

The company, together with its partners, has acquired approximately $10.9 bil of real estate and real estate related debt since the beginning of 2010. The company’s global investment portfolio includes 10.1 msf of commercial real estate along with 17,355 multifamily units.

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