Security Benefit Life Insurance Company is working with Kennedy Wilson Holdings Inc., a real estate investment company, to invest in income-producing real estate in the western United States, Kennedy Wilson said today.
A new Security Benefit-Kennedy Wilson joint venture has started by acquiring Sunset North, an office park in Bellevue, Washington, for $227 million. The office park has about 464,000 square feet in space.
Kennedy Wilson is a Beverly Hills, California-based company with properties in the United Kingdom and Ireland as well as in the western United States.
Security Benefit is a Topeka, Kansas-based life insurer with about $40 billion in assets under management. Eldridge Industries LLC acquired the company from Guggenheim Partners in 2015.
Security Benefit has already been investing in real estate through Kennedy Wilson, through other arrangements, since 2015, Kennedy Wilson said.