.

Kennedy Wilson Buys Arts District Office Tower

The real estate investment firm picks up 5200 Lankershim Blvd. with financing help from a major bank.

Kennedy Wilson Commercial Investment Group has bought the Academy Tower building at 5200 Lankershim Blvd. for $48 million, Business Wire reports Friday.

Bank of America Merrill Lynch financed $29 million  for the 175,012-square-foot property, while the real estate investment firm shelled out $19 million of its money, the article read.

"The Academy Tower occupies a premier location in the heart of North Hollywood’s flourishing NoHo Arts District, which is one of Los Angeles’ premier cultural and entertainment centers,” Kennedy Wilson President John Prabhu told Business Wire. “Along with the property’s landmark physical stature and proximity to some of the world’s most significant production studios, this has generated tremendous tenant demand for the property, and these distinctions have allowed it to contribute to North Hollywood’s stellar vacancy rate as well as the broader Tri Cities’ market-leading YTD absorption.”

5200 Lankershim is 97 percent lease with tenants like Endemol and Starcom Worldwide.

Kennedy Wilson is no stranger to investing in NoHo. In March, the firm sold the NoHo 14 building for $74 million.

Bob Peppermuller November 16, 2012 at 11:37 PM
I sure hope that they don't stop Kaiser from moving in. I have attached a 1969 picture of what that same location looked like way back when.
Cricket Yee November 17, 2012 at 12:22 AM
Thanks, Bob, I love Valley history! Where did you get that picture?
Bob Peppermuller November 17, 2012 at 02:02 AM
That picture was taken by another train nut like me named Jack Neville. At the time he lived in the veranda house on Otsego at the alley east of Lankershim. The house behind the veranda house we "think" is the original Hartsook ranch house. The ranch where Fred Hartsook raised prised cows formed the triangle Magnolia-Lankershim-Vineland. Fred was also a well known photographer in the early 20th century. Fred's second wife, Bess Hesby, was the queen at the 1915 Panama-Pacific International Exposition held in San Francisco. Now you know how Hesby and Hartsook streets got there names when Lankershim (No Hollywood) was plated out in the late 20's.. The streets bisect the old ranch. Jack now lives in Santa Maria and I stay in contact with him. Well that's the history lesson for today..........
john sullivan November 17, 2012 at 04:13 PM
Thanks for the great photo. Isnt Kaiser moving into the building to the south of Magnolia where the arts academy is located?

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »