BEVERLY HILLS, Calif., July 17 /PRNewswire-FirstCall/ -- KW Fund I and Kennedy Wilson, Inc. (KW) a real estate services and investment firm in a joint venture with RREEF, have acquired a 41-story office building in downtown Seattle . In a separate transaction, KW acquired an adjacent 126-unit condo building known as Fifth and Madison. The total value of the combined transaction is approximately $300 million .
As a member of the Deutsche Bank Group, RREEF North America is a San Francisco-headquartered full-service real estate investment advisor that currently controls a REIT with $8 billion in equity. The company has over $27.5 billion in assets under management.
901 Fifth Avenue, an icon on the downtown Seattle skyline, is located in the heart of Seattle's Central Business District, at the corner of Fifth and Madison. After final improvements are completed, the building will achieve the rare LEED Certified Silver status. The property is currently in the midst of a major $35 million redevelopment process that will include a new lobby and entrance, upgrading of its common areas, and a pedestrian-friendly plaza highlighted by a water feature surrounding the building. Currently 58.5% leased, the Kennedy Wilson/RREEF joint venture plans to take advantage of the intense high demand for Class 'A' office space in downtown Seattle , which has a 9% vacancy rate and experienced 2 million SF of absorption in 2006.
Fifth & Madison contains 126 condo units and 6,422 square feet of retail space. Currently under construction, the project is 70% complete with 84 of the 126 units (66%) pre-sold at full asking prices, averaging $660,000 for 1,045 square foot units. This exciting new project is anticipated to be fully complete by October 2007 . Fifth and Madison is a state of the art condominium tower, featuring a contemporary design, with a restaurant. On the ground floor, an exclusive garden terrace and a lushly landscaped and waterscaped new plaza. The project contains 6 units per floor with a wealth of features and amenities such as open designs, modern lines, sophisticated details, and uninterrupted views of the Seattle skyline -- city living at its best.
Construction is being completed by Turner Construction and marketing is being conducted by Williams Marketing, one of the largest new condominium marketing firms in Seattle .
Founded in 1977, KW is a real estate services and investment firm
headquartered in
Kennedy Wilson
9601 Wilshire Blvd., Suite 220
Beverly Hills, CA 90210
Mary Ricks
310-887-6400
SOURCE Kennedy Wilson, Inc.
