Kennedy Wilson Properties, Ltd.
Chicago, IL 60606
Relationship-Driven Property Management
Kennedy Wilson (NYSE:KW) offers a comprehensive line of real estate services for the full life cycle of real estate ownership and investment. From operating assets with maximum efficiency to marketing assets at the right time to the appropriate pool of potential investors, Kennedy Wilson helps its clients achieve their real estate goals.
With a history dating back to 1977, Kennedy Wilson has established standards, policies and procedures for virtually every aspect of real estate operations and management. At the same time, the company's entrepreneurial culture allows for flexibility and encourages creativity and customized solutions in the best interests of our clients.
Kennedy Wilson launched its property management business in 1998 when it acquired Heitman Properties, Ltd., a full service property management, leasing and construction management company. Since then, the firm’s portfolio has grown to include more than 50 million square feet of income property under management.
7060 Hollywood Blvd. is a 12-story Class A office tower with approximately 175,000 SF. Kennedy Wilson earned the construction and property management assignment in August of 2007 and became a joint venture partner of the project seven months later. In 2009, Kennedy Wilson completed an $18 million renovation of the building, including complete demolition of all interiors, replacement of windows, modernization of elevators, replacement of mechanical systems and enhancement of the main lobby and ground floor retail storefronts. Additionally, the Company completed a $7 million tenant improvement build out for a high profile entertainment company, securing a 100,000 SF lease—one of the largest lease transactions of 2009 in Los Angeles.
Olive 8 is Seattle's first green condo/hotel with a LEED™ Silver Certification. The 22 story, 229-unit condominium project of luxury one and two bedroom units sits atop the Hyatt at Olive 8, offering residents world class hotel amenities such as room service, housekeeping, spa services and a 24-hour concierge.
After little sales activity, the developer of Olive 8 hired Kennedy Wilson to conduct a one-day auction in September of 2010. Kennedy Wilson confined the auction sale to units on the 18th to 26th floors, offering and selling 32 units for $13.3 million. Over 600 people attended the auction and the Company's campaign attracted over 4000 homebuyers.
Under Kennedy Wilson management, ARAMARK Tower’s office component has been 100% leased since 1998. With 90% of the office tower comprised of two major tenants, the building experiences a tremendous amount of interfloor elevator traffic. With two banks of six elevators each, vertical transportation and elevator performance is of paramount concern. Historically, the building had a full time elevator mechanic to help ensure optimal performance and tenant satisfaction. The associated cost, coupled with tenant expansions, was placing an increasing burden on the property.
The Kennedy Wilson team sought creative solutions to address both issues. At the end of the day, while conventional elevator systems provided greater reliability in terms of service, the empirical data suggested that wait and/or destination times were not materially enhanced. After an exhaustive search process involving several consultants, in 2004 ARAMARK Tower became the first office building in Philadelphia to install destination-based dispatching technology. Not only has this technology improved overall system performance, with a 35-45% improvement in destination times, but the maintenance costs have been reduced by 50%, allowing the property owner to recover a portion of its investment. As an added benefit, involving the building’s major tenant in the selection process was instrumental in helping to secure a 309,000 square foot lease renewal.
- In business under this name: 40 years
- Company size: 50+ employees (full time)
- We manage the following property types:
- Multi-Family (over 100 units)
- Office (over 125,000 sqft)
- Retail (over 125,000 sqft)
- We manage properties in:
- Cape Girardeau
- Del Rio
- El Campo
- Fort Worth
- Key West
- Mount Pleasant
- Mount Vernon
- New York City
- Ocean City
- San Angelo
- San Antonio
- St. Louis
- The Villages
- West Palm Beach