Kennedy Wilson KW announced that it has signed a long-term lease with global recruitment group, Indeed, to rent office blocks in the company’s Capital Dock development. This agreement makes Indeed the second largest tenant to occupy space in the campus development. Thus, Kennedy Wilson’s offices in Capital Dock are now 100% leased.
Indeed has signed an Agreement for Lease to completely occupy Buildings 100 and 300 Capital Dock, spanning 216,000 square feet of space. Indeed will occupy the buildings in phases for 20 years, with a lease break in the 13th year. Notably, this agreement follows Kennedy Wilson’s earlier announcement of a forward-funding sale agreement with JPMorgan to let 130,000 square feet of space in the 200 Capital Dock building.
Capital Dock, which spans across 4.8 acres of area, is situated on Sir John Rogerson’s Quay in Dublin. One of the largest single phase ground-up developments in Dublin, this project will offer 346,000 square feet of office space at 100, 200 and 300 Capital Dock, and house around 3,500 staff, 190 premium multi-family apartments and a 23-storey tower. When completed in fourth-quarter 2018, the project will offer more than 690,000 square feet of mixed-use space.
Per management, the above-mentioned agreement is the largest Dublin office lease that has been completed in this cycle. The company remains focused to accelerate net operating income growth by completing and delivering its strong development pipeline.
Furthermore, it is targeting expansion of the multi-family portfolio in Europe and is aimed at offering best-in-class accommodation in cities with solid demographics. Subsequent to the completion of Capital Dock and Clancy Quay Phase III, management aims to expand the company’s residential portfolio to 5,000 units in the upcoming years.
Shares of this Zacks Rank #3 (Hold) company have underperformed the industry year to date. While the stock has declined 5.6%, the industry has recorded growth of 16.9% during this period.
Some better-ranked stocks in the real estate space are FirstService Corporation FSV, Jones Lang LaSalle Incorporated JLL and Reis, Inc REIS. All three stocks sport a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FirstService’s Zacks Consensus Estimate for full-year 2017 remained unchanged at $1.99 over the past month. Its share price has rallied 44.3%, year to date.
For Jones Lang LaSalle, the Zacks Consensus Estimate for 2017 earnings has been revised upward to $8.31 in a week’s time. So far this year, the company’s shares have gained 49.4%.
For Reis, the Zacks Consensus Estimate for current-year earnings moved up to 15 cents in a month’s time. Its share price has increased 6.4% in the past six months.
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