Kennedy-Wilson to Sell 4 Buildings

Beverly Hills-based real estate services firm Kennedy-Wilson Inc. said Monday that it will sell three office properties it owns in Los Angeles worth approximately $75 million, and one in New York.

The company has renovated the buildings--at 7080 Hollywood Blvd., 1055 Wilshire Blvd. and 612 Flower St.--to increase their value and return, said Mary Ricks, managing director. The company acquired the buildings in 1997 and 1998.

Kennedy-Wilson expects 1055 Wilshire Blvd. to sell for $33 million to $34 million, 7080 Hollywood Blvd. for $24 million, and 612 Flower St. to sell for $16.5 million to $17.5 million, Ricks said.

The company also plans to sell 60 Broad St. in New York City’s lower Manhattan area this year. It acquired a minority stake in the 1-million-square-foot building with Hong-Kong based partner Pioneer Holdings in 1998.

Richard Mandel, president of Kennedy-Wilson’s commercial group, wouldn’t disclose what the building is currently worth. The 39-story building is the former headquarters of defunct securities firm Drexel Burnham Lambert.

Kennedy-Wilson shares fell 6 cents to close at $8.44 on Nasdaq.