Kennedy-Wilson Buys Regional Property Firm

Kennedy-Wilson Inc., a real estate services company based in Los Angeles, said it acquired Jones Lang Wootton California Inc., which manages about 7 million square feet of office and industrial properties in the state. The purchase price was not disclosed. The regional property manager firm is a subsidiary of the international real estate investment and services firm Jones Lang LaSalle Inc. The acquisition expands Kennedy-Wilson’s national property management portfolio to about 60 million square feet. The firm said it plans to have about 100 million square feet of space under management by the end of 2000. Kennedy-Wilson shares rose 6 cents to close at $9 on Nasdaq.