Where Innovation Works

Press Room Release

Concur Technologies Chooses Kilroy Realty’s Key Center for Its New World Headquarters

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Employee Travel and Expense Management Innovator Signs 10-Year Lease in the 22-Story Office Tower

BELLEVUE, Wash.--(BUSINESS WIRE)--Jun. 20, 2012-- Kilroy Realty Corporation (NYSE: KRC) today announced that it has signed a 10-year lease for 123,000 square feet with Concur (NASDAQ:CNQR), a leading provider of integrated travel and expense management solutions.

“We’re delighted that Concur has chosen to relocate to Key Center and work with KRC in creating its new headquarters in Bellevue,” said Mike Shields, Senior Vice President at KRC. The Concur lease at Key Center, located at 601 108th Ave. NE in Bellevue, represents the largest lease transaction completed in Downtown Bellevue since 2009.

Concur joins a balanced roster of tenants at Key Center including financial services firms Merrill Lynch and UBS, as well as other technology tenants including Exact Target. With the execution of the Concur lease, Key Center will be approximately 93% leased.

“As part of our search criteria, we wanted to ensure we had a centrally-located headquarters facility that would support our growth and provide a great work environment for Concur employees. We’re thrilled with the location,” said Concur Executive Vice President of Operations, Scott Torrey.

“The greater Seattle area is one of the best examples of a West Coast urban environment that draws business innovators and their tech-savvy employees with a high energy, well-integrated work, live and play environment,” said KRC President and CEO John Kilroy, Jr. We are on track to own 1.7 million square feet in the Seattle market and we anticipate future growth given our positive view of the market’s fundamentals and our on-the-ground management team with strong local knowledge.”

About Kilroy Realty Corporation

With more than 60 years’ experience operating in West Coast real estate markets, publicly traded real estate investment trust Kilroy Realty Corporation (KRC) is one of the region’s premier landlords. The company serves a roster of dynamic, innovation-driven tenants that include technology, entertainment, digital media and biotechnology companies. KRC has become an innovator in its own right, rethinking and reshaping work space to meet the demands of an increasingly knowledge-driven and highly collaborative workforce. In partnership with such companies as DIRECTV, TD Ameritrade and PAC-12 Enterprises, the company is developing physical work environments that can advance creativity and productivity, taking real estate beyond simply a place to work to a strategic competitive advantage. More information is available at

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance, results or events. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, among others: risks associated with investment in real estate assets, which are illiquid, and with trends in the real estate industry; competitive market conditions; the ability to complete potential acquisitions and dispositions on announced terms; the ability to successfully operate acquired properties; the availability of cash for debt service and exposure of risk of default under debt obligations; and the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts. These factors are not exhaustive. For a discussion of additional risk factors that could adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2011, quarterly report on Form 10-Q for the quarter ended March 31, 2012, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assumes no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent it is required to do so in connection with ongoing requirements under Federal securities laws.

Source: Kilroy Realty Corporation

Kilroy Realty Corporation
Tyler H. Rose
Executive Vice President
and Chief Financial Officer
(310) 481-8484
Mike Shields
Senior Vice President,
Pacific Northwest Region
(425) 990-7110