Kilroy Realty Signs Leases with Bridgepoint Education for Two Buildings at Its Kilroy Sabre Springs Campus
|View printer-friendly version|
LOS ANGELES--(BUSINESS WIRE)--Feb. 5, 2008--Kilroy Realty Corporation (NYSE:KRC) today said it has signed lease agreements totaling 289,750 rentable square feet with Bridgepoint Education, Inc. for two buildings at the company's three-building Kilroy Sabre Springs campus located at the intersection of the I-15 Freeway and SR 56 in San Diego.
Bridgepoint will occupy 100% of Kilroy Sabre Springs - Phase III (13480 Evening Creek Drive), which is currently under construction, and 96% of 13500 Evening Creek Drive, under two separate leases that expire in June 2018.
With the addition of the new lease at 13480 Evening Creek Drive, Kilroy Realty's committed development pipeline is now 65% preleased.
In July 2009, Bridgepoint will expand its occupancy from 119,837 square feet to 142,217 square feet at 13500 Evening Creek Drive. Commencing in stages between July 2008 and September 2008, Bridgepoint will occupy all 147,533 square feet of 13480 Evening Creek Drive.
"The quality of our existing and development portfolios continues to attract the top companies in the San Diego market," said John B. Kilroy, Jr., KRC's president and chief executive officer. "Bridgepoint is a terrific tenant and we are pleased they decided to grow within our portfolio," he added.
"As Bridgepoint Education continues to grow exponentially, we are honored to partner with KRC again for our new buildings," said Andrew Clark, CEO of Bridgepoint Education. "In 2008, we plan on adding an additional 600-plus employees to our San Diego office and look forward to working with KRC now and in the future as we continue to expand our staff and services."
Some of the information presented in this release is forward looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995. Although Kilroy Realty Corporation believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that its expectations will be achieved. Certain factors that could cause actual results to differ materially from Kilroy Realty's expectations are set forth as risk factors in the company's Securities and Exchange Commission reports and filings. Included among these factors are changes in general economic conditions, including changes in the economic conditions affecting industries in which its principal tenants compete; Kilroy Realty's ability to timely lease or re-lease space at current or anticipated rents; changes in interest rates; changes in operating costs, including utility costs; future demand for its debt and equity securities; its ability to refinance its debt on reasonable terms at maturity; its ability to complete current and future development projects on schedule and on budget; the demand for office space in markets in which Kilroy Realty has a presence; and risks detailed from time to time in the company's SEC reports, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K. Many of these factors are beyond Kilroy Realty's ability to control or predict. Forward-looking statements are not guarantees of performance. For forward-looking statements herein, Kilroy Realty claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
About Kilroy Realty
Kilroy Realty Corporation, a member of the S&P Small Cap 600 Index, is a Southern California-based real estate investment trust active in the office and industrial property sectors. For 60 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of Los Angeles, Orange and San Diego counties. Kilroy Realty currently has an in-process development and redevelopment pipeline of approximately 600,000 square feet. At December 31, 2007, the company owned 8.1 million rentable square feet of commercial office space and 3.9 million rentable square feet of industrial space. More information is available at www.kilroyrealty.com.
About Bridgepoint Education
Based in San Diego, Bridgepoint Education was founded on the principle that anyone who is academically prepared deserves access to higher education without sacrificing quality, transferability of credits, accessibility, academic standards, or credentials. As an independent, private higher education company, Bridgepoint is committed to serving the millions of adults seeking an affordable alternative to high priced higher education. Bridgepoint Education subsidiaries provide both traditional and online education offerings, in addition to recruiting and admissions services. Our comprehensive education services have helped thousands of students improve their lives and careers through higher education. Bridgepoint Education was named by Inc. magazine as the fastest growing private education company in the United States. For more information, please visit us at www.bridgepointeducation.com or contact: Jessica Caris, Director of Public Relations, at 800.798.0584 Ext 2515.
CONTACT: Kilroy Realty Corporation