Richard S. Allen Resigns From Kilroy Realty Corporation Board Of Directors
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|LOS ANGELES, February 18, 1999 – Kilroy Realty Corporation (NYSE: KRC) said today that Richard S. Allen has resigned from its board of directors to devote more time to the management and growth of The Allen Group, a commercial and residential real estate development and management company based in Visalia, California, with operations throughout California and in Nevada.|
Allen joined the KRC board in November 1997 when KRC agreed to acquire the majority of The Allen Group’s commercial assets in a multi-phase transaction, including all of The Allen Group’s commercial properties in San Diego. KRC will continue the planned development and phased acquisition of the San Diego commercial development properties pursuant to the 1997 acquisition transaction. “On behalf of the entire KRC board of directors, we are appreciative of Richard Allen’s service on the KRC board and wish him well in his endeavors with The Allen Group” said John B. Kilroy, Jr., KRC’s President and Chief Executive Officer.
Allen said he and other members of the Allen family are planning to retain their ownership interests in KRC. The management staff that joined KRC from The Allen Group will all remain with KRC.
Kilroy Realty Corporation, a Southern California-based real estate investment trust owns, operates and develops office and industrial properties, primarily in California. At December 31, 1998, the company owned 5.6 million square feet of commercial office space and 6.2 million square feet of industrial space.