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The Real Deal Los Angeles

Kennedy-Wilson buys two Glendale office buildings for $144M

MetLife paid $117 million for the campus in 2014
May 26, 2017 09:30AM

400 and 450 N. Brand Blvd

Kennedy-Wilson Holdings Inc. paid $144 million, or nearly $330 per square foot, for two class A office buildings in Glendale, the company announced Friday.

The seller is MetLife Inc., which paid $117 million, or $268 per square foot for the two-center campus at 400 and 450 N. Brand Boulevard in 2014. Beverly Hills-based Kennedy-Wilson bought the properties, which span a total 437,000 square feet as well as separate parking structures, through its Real Estate Fund V.

Kennedy-Wilson said the buildings are 80 percent leased, the San Fernando Valley Business Journal reported. DineEquity Inc — the company which owns restaurants like IHOP and Applebee’s Bar & Grill — has its global headquarters there. Health insurance giant Cigna Corp. is also a tenant.

Last month, Kennedy-Wilson firm announced it would combine shares with its European counterpart, Kennedy-Wilson Europe.

In August last year, the firm picked up 157-unit townhouse complex in Santa Clarita for $61 million. It also recently sold a 195,000-square-feet office building in North Hollywood for $69 million, the company said. [SFVBJ] — Miriam Hall