6330 San Vicente
In 1998, Kearny purchased and rehabilitated 6330 San Vicente in the Miracle Mile District. Recognizing the growing demand for office space in the Westside markets, Kearny acquired this asset only 20% occupied and in need of significant upgrades and improvements.
The building is a six-story 100,746 square foot suburban office building that was built in the early 1960′s. Kearny purchased the project in June 1998 for $6 million when the building was only 20% occupied by one tenant with a short-term lease. Kearny immediately commenced a $6 million renovation program which included designing a new lobby and front entranceway. The renovation program also included significant upgrades to the two elevators, mechanical and plumbing systems, as well as seismic upgrade. The building’s original design had allowed for large open floor plates in a campus setting. Once complete, Kearny was able to offer a rental rate that was 15% more competitive than comparable space.
Due to efficient redesign and redevelopment of the building, Kearny was able to attract Equity Marketing, Inc. a 90,000 sf tenant from the Beverly Hills market increasing occupancy from 20 to 93%. The property was sold in January 2000 for $15.5 million.