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 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.
Source: The Real Deal Los Angeles