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.
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.
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.