Kennedy Wilson and Partners Purchase Class A Office Building in Pasadena, CA

  Kennedy Wilson and Partners Purchase Class A Office Building in Pasadena, CA

  Company now owns investments in more than 10 million sq. ft. of commercial
                                 real estate

Business Wire

BEVERLY HILLS, Calif. -- January 20, 2014

International real estate investment and services firm Kennedy Wilson
(NYSE:KW) today announced that the company and its partners acquired 245 S.
Los Robles, a 175,792 square foot Class A office project in Pasadena,
California, for $39 million. The total equity invested in the transaction was
$16 million, 5% of which was contributed by Kennedy Wilson. Additionally, the
company secured a $23 million loan on the property from JPMorgan Chase.

“We are delighted to acquire a rare value add opportunity in Pasadena, one of
Los Angeles County’s most sought after office submarkets,” said John Prabhu,
president of Kennedy Wilson’s Commercial Investment Group. “We are optimistic
on the growth of Pasadena and its diverse economic drivers, including its
burgeoning tech industry.”

245 S. Los Robles consists of an eight-story Class A office tower totaling
approximately 130,000 square feet, a two-story annex building totaling almost
46,000 square feet, 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.

Rob Hannan, managing director of Kennedy Wilson’s Commercial Investment Group,
commented, “We are immediately focused on our capital improvement program to
rebrand the property and place it among the submarket’s most desirable office
destinations. In concert with our efforts to improve the tower, we intend to
position the two-story annex building as one of Pasadena’s premier low-rise
creative office settings.”

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
billion of real estate and real estate related debt since the beginning of
2010. The company’s global investment portfolio includes 10.1 million square
feet of commercial real estate along with 17,355 multifamily units.

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
VP of Corporate Communication
310-887-6294
ccha@kennedywilson.com
www.kennedywilson.com
 
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