BEVERLY HILLS, Calif., Sept. 11 /PRNewswire-FirstCall/ -- Kennedy Wilson (OTC: KWIC) sponsored funds, KWI Property Fund I, KW Property Fund II along with Kennedy Wilson have acquired a 354,341 square foot, 3-story landmark suburban 'Class A' office building in Thousand Oaks, California.

Built in 1982 the building was extensively renovated in 2007. It was designed by the world-famous Los Angeles architect A.C. Martin on a spacious site encircled by a greenbelt and mature oak trees. The architecturally innovative design includes a three-story atrium that spans the length of the building's interior and large reflecting pools that adorn the front of the building. The site also features a vast outdoor surface parking area, with six distinct parking fields connected by internal roadways.

This Class-A property is currently at 79% occupancy and has three major tenants -- Baxter Healthcare, Verizon, and HMS Capital. The building has great lease-up potential since a significant portion of in-place rents are below market. Situated adjacent to Caruso Affiliates', The Promenade at Westlake, a very successful retail project, The Oaks is ideally located and provides convenient dining and shopping for tenants. Barry Schlesinger, Chairman of the Fund Management Group stated, 'We are very excited about this most recent investment opportunity in a growing Southern California Market. The Oaks is an ideal addition to our current portfolio which we have been strategically expanding.'

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 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.

    Contact:  Kennedy Wilson
              9601 Wilshire Blvd., Suite 220
              Beverly Hills, CA 90210
              Mary Ricks
              310-887-6400

SOURCE Kennedy Wilson