BEVERLY HILLS, Calif. , June 27 /PRNewswire-FirstCall/ -- Kennedy Wilson, through its sponsored funds, KW Property Fund II and KW Property Fund III, in a joint venture, have purchased 6100 Wilshire, a 16-story office property whose location is adjacent to Beverly Hills, CA. The property is located on the southwest corner of Wilshire and Fairfax . The building is highly accessible from the Santa Monica Freeway (I-10) and has excellent access to the surrounding regions of Santa Monica , Beverly Hills , Downtown and Hollywood .

Located adjacent to the new Broad Contemporary Museum and Peterson Automotive Museum, 6100 Wilshire, with 213,961 RSF, is truly an irreplaceable asset due to the lack of developable land in the Mid-Wilshire Submarket. The property was built in 1986 and has full height, floor-to-ceiling glass bay windows with usable balconies providing unobstructed city and mountain views.

The property is currently 85% occupied and its major tenants include CBS, Ovation, World Link, Fulfillment Fund, Idea Asylum and City National Bank. The building has significant upside potential in this supply-constrained market. A considerable portion of in-place rents are below market and there are substantial lease expirations in the early years of ownership. Kennedy Wilson intends to reposition the asset through a comprehensive building modernization program. Acquisition financing was provided by General Electric Capital Corporation.

Founded in 1977, Kennedy Wilson is a real estate services and investment firm headquartered in Beverly Hills, CA , with 20 offices throughout the U.S. and Japan . It seeks opportunities in partnership with clients in pursuit of above-market investor returns and higher real estate values. KW Fund Management Group is the fund investment division of Kennedy Wilson. The group is actively involved in the acquisition, asset management, operation, rehabilitation, repositioning and disposition of real estate assets. Visit http://www.kennedywilson.com for further information.

SOURCE Kennedy Wilson