KKR & Co. is opening its first office in Los Angeles as the alternative-asset manager seeks to capitalize on opportunities in commercial real estate.
(Bloomberg) — KKR & Co. is opening its first office in Los Angeles as the alternative-asset manager seeks to capitalize on opportunities in commercial real estate.
The office will have room for 25 to 30 employees working across real estate, private equity, private wealth and institutional client relationship teams, Ralph Rosenberg, the firm’s global head of real estate, said in an interview.
California is among the world’s largest economies and offers investment opportunities in entertainment, defense, health care and logistics, making the state’s largest city an attractive target for KKR’s expansion, Rosenberg said.
“Real estate markets are going through a combination of repricing and deleveraging,” he said. California is “where the action is going to be, and that’s where the opportunities are going to come.”
The firm already has two other California offices — in Menlo Park and San Francisco — with a total of about 250 employees. Co-founder George Roberts has long been based in the Bay Area.
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KKR has about $65 billion of assets under management in real estate across equity and debt investments, and it originated $12 billion of commercial mortgages last year. In May, the firm announced that it had acquired industrial properties in Phoenix and Atlanta for $250 million.
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