Kennedy Wilson Acquires Major Los Angeles Office Tower

BEVERLY HILLS, Calif., June 27 /PRNewswire-FirstCall/ -- Kennedy
Wilson, through its sponsored funds, KW Property Fund II and KW Property
Fund III, in a joint venture, have purchased 6100 Wilshire, a 16-story
office property whose location is adjacent to Beverly Hills, CA. The
property is located on the southwest corner of Wilshire and Fairfax. The
building is highly accessible from the Santa Monica Freeway (I-10) and has
excellent access to the surrounding regions of Santa Monica, Beverly Hills,
Downtown and Hollywood.

Located adjacent to the new Broad Contemporary Museum and Peterson
Automotive Museum, 6100 Wilshire, with 213,961 RSF, is truly an
irreplaceable asset due to the lack of developable land in the Mid-Wilshire
Submarket. The property was built in 1986 and has full height,
floor-to-ceiling glass bay windows with usable balconies providing
unobstructed city and mountain views.

The property is currently 85% occupied and its major tenants include
CBS, Ovation, World Link, Fulfillment Fund, Idea Asylum and City National
Bank. The building has significant upside potential in this
supply-constrained market. A considerable portion of in-place rents are
below market and there are substantial lease expirations in the early years
of ownership. Kennedy Wilson intends to reposition the asset through a
comprehensive building modernization program. Acquisition financing was
provided by General Electric Capital Corporation.

Founded in 1977, Kennedy Wilson is a real estate services and
investment firm headquartered in Beverly Hills, CA, with 20 offices
throughout the U.S. and Japan. It seeks opportunities in partnership with
clients in pursuit of above-market investor returns and higher real estate
values. KW Fund Management Group is the fund investment division of Kennedy
Wilson. The group is actively involved in the acquisition, asset
management, operation, rehabilitation, repositioning and disposition of
real estate assets. Visit http://www.kennedywilson.com for further
information.

[Via Real Estate California]