Office

Kennedy's office portfolio measures over $4.2 billion in market value and includes almost 18.3 million of net rentable square feet. With 108 investments in major markets throughout the United States, the portfolio is well diversified and insulated from micro market fluctuations. Over three-quarters of the current office portfolio (12.5 million square-feet) is comprised of buildings either developed or substantially redeveloped by Kennedy.

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Crown City Center — Pasadena, California (case study)

The Opportunity

Office re-development on an underutilized well-located CBD site in a strong
    supply-constrained urban market

Increased density from 40,000 sf to 235,000 sf

Took advantage of city enterprise zone to enhance lease economics

Reached 99% stabilized leasing with Indymac Bank and e-Harmony

Completed development on budget by taking advantage of early pricing locks

Proactive disposition to generate $67.5 million gross profit over four-year hold

	The Investment
	Acquisition Closed:	January 2003
	Acquisition Price:	$10.3 million
	Total Cost*:	$60.1 million
	Disposition Closed:	January 2007
	Disposition Price:	$127.6 million
	*as of 1/31/2007