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Press Room Release

Kilroy Realty, L.P. AnnouncesClosing of $325.0 Million of 5.00% Senior Unsecured Notes Due 2015

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LOS ANGELES, Nov 03, 2010 (BUSINESS WIRE) --

Kilroy Realty Corporation (NYSE:KRC) today announced that its operating partnership, Kilroy Realty, L.P., has completed an offering of $325.0 million aggregate principal amount of 5.00% senior unsecured notes due 2015 (the "Notes") in a registered offering. The Notes are guaranteed by Kilroy Realty Corporation on a senior unsecured basis. The Notes pay interest semi-annually at a rate of 5.00% per annum and mature on November 3, 2015. Barclays Capital, BofA Merrill Lynch and J.P. Morgan acted as joint book-running managers.

Proceeds from the offering were approximately $322.2 million, after deducting underwriters' discounts and estimated expenses. The operating partnership intends to use the net proceeds from the offering of the Notes to fund one recently completed and one pending property acquisition and for general corporate purposes, which may include the repayment of outstanding long-term debt, including borrowings under its unsecured revolving credit facility, the repurchase of debt securities and other potential acquisitions.

This offering was made pursuant to an effective shelf registration statement and prospectus and related prospectus supplement filed by Kilroy Realty, L.P. with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Copies of the prospectus supplement and related prospectus for this offering may be obtained by contacting Barclay's Capital, c/o Broadbridge Integrated Distribution Services, 1155 Long Island Ave., Edgewood, NY 11717, telephone (888) 603-5847 or by emailing a request to barclaysprospectus@broadbridge.com; BofA Merrill Lynch, 100 West 33rd Street, 3rd Floor, New York, NY 10001, Attention: Prospectus Department, telephone (800) 294-1322 or by e-mailing a request to dg.prospectus_requests@baml.com; or J.P. Morgan, 383 Madison Avenue, New York, NY 10179, Attention: High Grade Syndicate Desk - 3rd floor, telephone (212) 834-4533.

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. 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. Kilroy Realty Corporation assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

SOURCE: Kilroy Realty Corporation

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