Breaking News: Kennedy Wilson to Unload Burbank Assets for $85M
Bisnow sources tell us a JV of Lincoln Property and Angelo Gordon are set to buy a three-property Kennedy-Wilson office portfolio in Burbank for about $85M.
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Kennedy picked up the buildings from Arden for $95M in March 2008, but our source says the deal is roughly at book value. CBRE is handling the listing and did not reply to requests for comment.
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The offices at 303 N Glenoaks Blvd (above), 333 N Glenoaks Blvd and 300 E Magnolia Blvd total about 326k SF in Burbank's Media District. The offices have some high-profile tenants, including Cartoon Network and Turner Broadcasting System and MTV Networks.