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Kennedy Wilson scoops up another Beverly Hills office property
The real estate investment firm’s $34M acquisition adds to its existing buildings on the same block
Kennedy Wilson is stocking up on its El Camino Drive properties.
The real estate investment firm, acting through an entity, paid $34.3 million for the office building at 136 El Camino Drive in Beverly Hills, The Real Deal has learned. It also owns two other properties on the same block, at 150 and 151 El Camino Drive.
The 23,000-square foot office building belonged to an Edward Doheny family trust since 1989, property records show. Doheny, an oil tycoon notorious for his involvement in the Teapot Dome scandal in the 1920s, is also the namesake of Doheny Drive, which stretches through Beverly Hills and West Hollywood.
Bob Safai, Matt Case, Chris DuMont and Brent Bissel of Madison Partners brokered the sale.
Kennedy Wilson did not immediately respond to requests for comment.
Earlier this year, the Beverly Hills-based firm acquired Corporate Realty Associates. The merger, which was announced March 19, will allow the company an entry into office tenant representation.
Kennedy Wilson, led by chairman and CEO William J. McMorrow, owns 1.2 million square feet of commercial real estate and nearly 3,000 multifamily units in Southern California, according to its website. Nationwide, it owns 5.2 million square feet of commercial properties, and over 22,500 multifamily units.