Kennedy Wilson Acquires North Hollywood Office Building for $48M

  Kennedy Wilson Acquires North Hollywood Office Building for $48M

 Company and partners also complete $63.5 million financing of Thousand Oaks
                               office building

Business Wire

BEVERLY HILLS, Calif. -- November 16, 2012

International real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that the company acquired The Academy Tower, located at
5200 Lankershim Blvd. in North Hollywood, California, for $48 million. Bank of
America Merrill Lynch provided $29 million of financing. Kennedy Wilson
invested $19 million of equity in the transaction.

“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.”

The 175,012 square foot office building is 97% leased, with tenants such as
Endemol, IPPT and Starcom Worldwide.

The company and its partners also refinanced One Baxter Way, a 354,782 square
foot office building in Thousand Oaks, California owned by Kennedy Wilson and
its partners. Bank of America Merrill Lynch provided $63.5 million 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 billion of real estate and real estate related debt since
the beginning of 2010.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and
services company headquartered in Beverly Hills, CA with 24 offices in the
U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array
of real estate services including auction, conventional sales, property
services, research and investment management. Through its fund management and
separate account businesses, Kennedy Wilson is a strategic investor of real
estate investments in the U.S., U.K., Ireland and Japan. For further
information on Kennedy Wilson, please visit www.kennedywilson.com.

Contact:

Kennedy Wilson
Christina Cha
Vice President of Corporate Communication
(310) 887-6294
ccha@kennedywilson.com
www.kennedywilson.com
 
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