Kennedy Wilson Buys Arts District Office Tower

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.