Kennedy-Wilson Represents Owner in the Sale of Cityplace II, Hartford's Premier Office Building

Business Wire, Nov 11, 1999

NEW YORK--(BUSINESS WIRE)--Nov. 11, 1999--

Kennedy-Wilson Inc. (Nasdaq: KWIC), a real estate investment, marketing and property management firm, announced today that it has sold CityPlace II, an 18-story, Class A office building comprised of approximately 292,000 square feet of rentable area located at 185 Asylum Street in Hartford, Connecticut.

The buyer is Newton, Massachusetts-based Northland Investment Corporation. Kennedy-Wilson had been retained by SC Fund VI Properties L.P., an entity managed by Oaktree Capital Management, to act as the exclusive marketing agent to sell CityPlace II.

"Although the selling price remains undisclosed, the figure is significant enough to represent the highest price paid per square foot for an office property in Hartford in about a decade," says Thomas D. Baldwin, Vice President of Kennedy- Wilson's Commercial Group. "The sale confirms our assertion that Connecticut's economy is experiencing an upswing. The recent economic surge is clearly connected to the revitalization and investor interest in the downtown Hartford area."

Completed in 1989, CityPlace II is currently 90% occupied by corporate tenants, professional firms and service firms. Major office tenants include American Reinsurance Co., Conning & Co., First American Title Insurance Co., KPMG Peat Marwick and Prudential Securities. Retail tenants include Fleet Bank, Starbucks Coffee and Webster Bank.

CityPlace II has an excellent location -- bounded by Asylum, Trumbull and Pearl Streets -- and easy accessibility to all transportation.

Kennedy-Wilson is a diversified international real estate services firm. It provides real estate investment sales, property management and leasing services, construction management, development and acquisition, and technical consulting services worldwide through its offices in Los Angeles, San Francisco, New York, Chicago, Washington, D.C., Dallas, Houston, Austin, San Antonio, Minneapolis, Seattle, Tokyo and Hong Kong. As the premier U.S.-based real estate services firm in Japan, Kennedy-Wilson provides brokerage, management and investment services to Japanese and international investors from its six offices throughout the country, including Tokyo, which serves as a regional headquarters.

This release may contain forward-looking statements as well as historical information. Statements of goals and strategies and words such as "plan", "believe", " anticipate", "expect", "objectives", "forecast" and "predict", and other similar words are intended to identify forward-looking statements. These forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, involve risks, uncertainties and other factors that may cause the company's actual results performance or financial condition to be materially different from any results, performance or financial condition suggested by the statements in this release.