Kilroy Realty Announces 630,000 Square Foot Lease with DIRECTV with Potential Expansions for up to 720,000 Square Feet for New Headquarters Office Campus
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LOS ANGELES, Nov 01, 2011 (BUSINESS WIRE) -- Kilroy Realty Corporation (NYSE: KRC) announced today that it has signed a fifteen year, nine month lease with DIRECTV Inc. (NASDAQ: DTV), one of the world's leading providers of digital television entertainment services, for DIRECTV's corporate headquarters in El Segundo, immediately adjacent to Los Angeles International Airport. The initial space leased by DIRECTV includes approximately 630,000 square feet of space, which could increase to up to 720,000 square feet over the term of the lease agreement.
Pursuant to a prior lease, DIRECTV leased approximately 333,000 square feet in two of the three buildings (2240 and 2250 E. Imperial Highway) through July 2014. The new lease extends DIRECTV's lease of these two buildings through September 2027 and provides that DIRECTV will lease over time the remaining approximately 89,000 square feet of space within the two buildings not previously leased by DIRECTV, as the other existing leases expire.
DIRECTV will also lease the entire approximately 299,000 square feet of the third building (2260 E. Imperial Highway), which is currently undergoing redevelopment, through September 2027. Occupancy of this building is projected to occur in the fourth quarter of 2012.
"This transaction demonstrates the quality of our West Coast real estate portfolio and our organization's ability to create a unique and compelling office environment for dynamic and expanding tenants," said John Kilroy, Jr., the company's president and chief executive officer.
Kilroy Realty Corporation, a member of the S&P Small Cap 600 Index, is a real estate investment trust active in premier office and industrial submarkets along the West Coast. 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, 2011, the company owned 11.6 million rentable square feet of commercial office space and 3.6 million rentable square feet of industrial space. More information is available at http://www.kilroyrealty.com.
SOURCE: Kilroy Realty Corporation
Kilroy Realty Corporation