Kennedy Wilson pays Brookfield $160M to acquire office campus in West Hills

The property sits on 80 acres in the San Fernando Valley

TRD LOS ANGELES /
Jan.January 16, 2019 03:00 PM
Kennedy Wilson Chairman William McMorrow and Brookfield CEO Bruce Flatt with the West Hills office campus

Kennedy Wilson has paid Brookfield $160 million to acquire a massive office campus in the San Fernando Valley, The Real Deal has learned.

The 987,420-square-foot campus on Fallbrook Avenue, dubbed Corporate Pointe at West Hills, includes 10 multi-story buildings that sit on 80 acres of land. It also features a 144-seat amphitheater, outdoor patios, a cafe and parking for 969 cars.

At $160 million, the purchase pencils out to $162 per square foot.

A spokesperson for Brookfield confirmed the sale, which sources said closed last week. Kennedy Wilson did not respond to requests for comment.

Newmark Knight Frank, which recently opened an office nearby, had the listing. Kevin Shannon and his team at the firm declined to comment.

The property last traded in January 2013, when Brookfield paid Bentall Kennedy $92 million to acquire the site. At the time, it was about half-leased to tenants in the technology, finance and biotechnology industries.

It is now close to 78 percent leased, according to an analysis of available space on the property’s website.

Kennedy Wilson owns several commercial and hotel properties around the country. In Los Angeles County, the firm also holds a three-story Class A office property at 150 South El Camino in Beverly Hills.

Its deal in West Hills is one of the bigger trades to take place in the Valley recently. In October, a San Diego-based firm spent $122 million to acquire the Warner Center Marriott in Woodland Hills.


Related Articles

arrow_forward_ios
Brookfield Asset Management CEO Bruce Flatt

Brookfield scoops up Carson industrial properties for $64M

Brookfield scoops up Carson industrial properties for $64M
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
Brookfield finishes first phase of California Market Center remodel

Brookfield completes 600K sf first phase of California Market Center project

Brookfield completes 600K sf first phase of California Market Center project
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!
From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Rexford Industrial adds to LA portfolio with $100M in acquisitions
Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more
3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Luzzatto Co. assembling creative office hub in West Adams
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...