Kennedy Wilson Sells Glendale Office Property For $60M To Ben Li With Kevin Shannon As The Broker

Kennedy Wilson has sold a 441,000-square-foot office property located at 400 and 450 North Brand Boulevard in Glendale for $60 million. The sale price reflects a significant drop of nearly 60 percent from its previous purchase price of $144 million in 2017. This transaction highlights the trend of non-institutional investors capitalizing on low office prices in the market.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $60,000,000
• Address: 400 & 450 North Brand Boulevard
• Market: Glendale
• Square Footage: 441,000
• Price Per Square Foot: $136

The buyer of the property is Ben Li, while Kennedy Wilson, represented by Bill McMorrow, acted as the seller. The transaction was facilitated by Kevin Shannon from Newmark.

This sale provides liquidity for Kennedy Wilson, allowing them to address their corporate debt. It also showcases how non-institutional investors are taking advantage of the current market conditions to acquire office properties at reduced prices.