July 17, 2007
By Dees Stribling, Special Correspondent
Kennedy Wilson Inc., in a joint venture with RREEF, has acquired a 41-story office building in downtown Seattle, 901 Fifth Ave. Separately but simultaneously, Kennedy Wilson bought a condo project next to the office property. All together, the two properties traded for about $300 million.
The plan for the office property (pictured) is to complete a $35 million redevelopment--which is currently in progress--that will include a new lobby and entrance, upgrading of its common areas, and a pedestrian-oriented plaza with a water feature. After the redevelopment, the building will achieve LEED Silver status. Also as a result of the improvements, the new owners expect to be able to increase the building’s tenant roster. Currently it is slightly less than 60 percent leased.
The adjacent 126-unit condo building is known as Fifth and Madison. Currently under construction, the project has pre-sold 84 of its residences (or two-thirds) at prices averaging $660,000 for 1,045-square-foot units. The project is slated for completion this fall.
Kennedy Wilson is a real estate services and investment firm headquartered in Beverly Hills, Calif., with offices in the United States and Japan. San Francisco-based RREEF North America, a subsidiary of Deutsche Bank Group, controls a REIT with $8 billion in equity, and all together has over $27.5 billion in assets under management.
Seattle commercial loans
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