Kilroy Realty Announces Acquisition of San Francisco, California and Redmond, Washington Office Buildings
|View printer-friendly version|
LOS ANGELES, Nov 10, 2010 (BUSINESS WIRE) --
Kilroy Realty Corporation (NYSE: KRC) announced today that it has purchased two office properties located in the international gateway cities of San Francisco and greater Seattle encompassing an aggregate of approximately 588,000 square feet of space. The total estimated purchase price for the two properties is approximately $237.5 million.
In San Francisco, the company acquired 100 First Plaza for a purchase price of approximately $191.5 million. The 466,000-square-foot office property is located in San Francisco's South Financial District immediately adjacent to the city's Transbay Terminal transportation infrastructure project. The LEED Gold certified building is currently 76% occupied and 94% leased.
In Redmond, Washington, the company acquired Overlake Office Center, a 122,000-square-foot office property for a purchase price of approximately $46.0 million. The building is located immediately adjacent to Microsoft Corporation's corporate headquarters campus and is 100% leased to Microsoft through December 2014.
Including these two acquisitions, year-to-date Kilroy Realty has acquired nine office properties totaling approximately 2.0 million square feet of space that are located in the key coastal submarkets of San Diego, Orange County, San Francisco and greater Seattle for an aggregate investment of approximately $667.0 million. Leveraging its financial strength and deep knowledge of West Coast real estate markets, the company has pursued an acquisition strategy targeting high quality, well-located properties at below replacement cost prices, which represent strong near-term cash flows and attractive long-term appreciation potential.
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. Certain factors that could cause the expectations to differ 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, 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, and risks detailed from time to time in the company's Securities and Exchange Commission 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 future 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.
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 over 60 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of Los Angeles, Orange County, San Diego, greater Seattle and the San Francisco Bay Area. At September 30, 2010, the company owned 9.8 million rentable square feet of commercial office space and 3.7 million rentable square feet of industrial space. More information is available at www.kilroyrealty.com.
SOURCE: Kilroy Realty Corporation
Kilroy Realty Corporation