Beverly Hills real estate company Kennedy Wilson said Friday that it has purchased 6100 Wilshire, a 16-story office building on the southwest corner of Wilshire Boulevard and Fairfax Avenue in the Miracle Mile area, for an undisclosed price.

The company said it will modernize the building, which has a total of 213,961 rentable square feet and is 85 percent occupied. Tenants include CBS, Ovation, World Link, Fulfillment Fund, Idea Asylum and City National Bank.

The announcement state that “a considerable portion of in-place rents are below market and there are substantial lease expirations in the early years of ownership.”

Financing was provided by General Electric Capital Corp.

Shares in Kennedy Wilson were down 5.8 percent to $40.50 in early trading Friday.