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Kilroy Realty, L.P. Commences Exchange Offer of 6.625% Senior Notes Due 2020 for Registered Notes

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Kilroy Realty Corporation (NYSE:KRC) announced today that its operating partnership, Kilroy Realty, L.P., has commenced a registered exchange offer to exchange up to $250 million aggregate principal amount of its 6.625% Senior Notes due 2020 which have been registered under the Securities Act of 1933, as amended (the "Exchange Notes"), for any and all of its outstanding 6.625% Senior Notes due 2020 which were issued in a private placement (the "Private Notes"). The Private Notes and the Exchange Notes are fully and unconditionally guaranteed by Kilroy Realty Corporation on a senior unsecured basis.

The sole purpose of the exchange offer is to fulfill the obligations of Kilroy Realty with respect to the registration of the Private Notes. Pursuant to a registration rights agreement entered into by Kilroy Realty in connection with the sale of the Private Notes, Kilroy Realty agreed to file with the Securities and Exchange Commission a registration statement relating to the exchange offer pursuant to which the Exchange Notes, containing substantially identical terms to the Private Notes, would be offered in exchange for Private Notes that are tendered by the holders of those notes.

The exchange offer will expire at 5:00 p.m., New York City time, on November 3, 2010, unless extended. Private Notes tendered pursuant to the exchange offer may be withdrawn at any time prior to the expiration date by following the procedures set forth in the exchange offer prospectus.

The terms of the exchange offer are contained in the exchange offer prospectus. Requests for assistance or for copies of the exchange offer prospectus should be directed to U.S. Bank National Association, West Side Flats Operations Center, 60 Livingston Avenue, St. Paul, Minnesota 55107, Attention: Specialized Finance (Kilroy), telephone: (800) 934-6802.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The exchange offer will be made only by means of a written prospectus.

SOURCE: Kilroy Realty Corporation

Kilroy Realty Corporation
Tyler H. Rose
Executive Vice President
and Chief Financial Officer
(310) 481-8484
Michelle Ngo
Vice President and Treasurer
(310) 481-8581