Kennedy-Wilson Holdings Inc. has acquired Academy Tower in North Hollywood for $48 million.
The Beverly Hills real estate company announced the deal during the weekend. The purchase of the 175,012-square-foot complex in the NoHo Arts District included $19 million from the company and a $28 million loan from Bank of America Merrill Lynch.
Academy Tower, at 5200 Lankershim Blvd., is 97 percent leased. Kennedy-Wilson said improving demand driven by international tenants should increase the rental growth of the property. Current tenants include Endemol, IPPT and Starcom Worldwide.
Shares on Monday closed up 33 cents, or more than 2.5 percent, to $12.69 on the New York Stock Exchange.