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Kairos Investment Management Co. (KIMC) has partnered with Harbor Associates to acquire a class A 12-story office and retail property with a five-story parking garage totaling more than 208,000 square feet in the Los Angeles submarket of Hollywood.
6922 Hollywood Boulevard fits with Kairos’ value-add strategy, as the headwinds from the pandemic have allowed the property to be acquired at distressed pricing, leaving the asset primed for capital and operational improvements, according to Carl Chang, CEO and founder of Kairos.
“This joint venture acquisition seeks to take a contrarian view of the current market conditions surrounding office,” said Chang. “The mixed-use asset offers multiple streams of revenue, which mitigates some of the risk around office in the near term, including 100 percent–leased retail, and rapidly improving parking revenue as traffic in this highly trafficked tourist destination has accelerated post-lockdowns. The diversification provides real opportunity to grow the asset’s value as really well-positioned properties recover in the future.”
As part of this strategy, Kairos plans to do site and facade improvements as well as update vacant office space, with a goal of reaching 85 percent to 90 percent occupancy by the end of 2025, noted Jonathan Needell, CIO at Kairos.
“Offices are still reeling from the headwinds created by the pandemic and accommodations being made for remote and hybrid work models,” said Needell. “Yet, Kairos has an appetite for these kinds of distressed opportunities during recessionary times no different than the GFC. With this Hollywood acquisition, we will continue to seek out similar opportunities that we believe might be well-positioned to benefit from the post-pandemic and post-recession recovery.”
* The information contained herein is for general, informational purposes only and is not intended to constitute an offer to sell or buy any securities or other assets or promise to undertake or solicit business, and may not be relied upon in connection with any offer or sale of securities or other assets.
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Kairos Investment Management Company is an Equal Opportunity Employer and, as such, does not discriminate in employment on the basis of an applicant or employee’s race, ethnicity, ancestry, national origin, color, sex, pregnancy (or related medical conditions), childbirth, family status, gender, gender identity or gender expression, age, religion, marital status, sexual orientation, disability, medical condition, military or veteran status, reproductive health decision making, or any other protected classification or characteristic under applicable federal, state or local law. Kairos will not discriminate against an applicant or employee who has one or more protected classifications, is perceived or regarded as having one or more protected classifications, or is associated with someone who has one or more protected classifications.
Kairos Investment Management Company will also provide reasonable accommodations to applicants and employees who may need such accommodations in connection with employment with Kairos on the basis of their disability, religion, status as a victim of domestic violence or pregnancy. An applicant who needs an accommodation in order to pursue employment with Kairos should contact Human Resources at HR@KIMC.com to request such accommodations. Kairos will engage in a good faith interactive process with the applicant to explore accommodations that will be effective, reasonable and not create an undue hardship.
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