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Kilroy Realty Breaks Ground On Fifth and Final Building At Peregrine Systems World Headquarters in San Diego

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SAN DIEGO, Oct 30, 2001 (BUSINESS WIRE) -- Kilroy Realty Corp. (NYSE:KRC) has started construction on the fifth and final building at the world headquarters of Peregrine Systems(R) Inc. (NASDAQ:PRGN), one of the world's leading software companies.

The 120,000-square-foot, five-story building will complete the 19.7-acre, 540,000-square-foot campus in San Diego, one of the city's largest corporate centers.

"The Peregrine Corporate Center is a landscaped campus environment that reflects our image and culture as a global software company, as well as a single location for our San Diego-based employees. It reflects our commitment to investment in quality, long-term infrastructure to support long-term growth," said Robert Urwiler, Peregrine's chief information officer and senior vice president of infrastructure management.

"Peregrine is a great example of the fast-growing, knowledge-based company for whom Kilroy Realty develops. Our projects offer well thought-out workplace environments that are flexible and efficient, yet designed to attract and retain topflight staff," said Steve Scott, senior vice president of Kilroy Realty.

Located at the northeast quadrant of Interstate 5 and SR 56, Peregrine Corporate Center now houses about 760 staff members, including the executive offices, as the headquarters site. Peregrine has approximately 4,000 employees, who are located in more than 100 locations worldwide.

The new building will accommodate an additional 350 people when it is completed late next year. Like the other Peregrine buildings, this new facility will be equipped with a fiber optics cable system for high-speed Internet access for voice, video, data and multimedia communications.

The fifth Peregrine building will be completely integrated into the master planned campus, according to Randy Jackson, Kilroy Realty project manager for Peregrine Corporate Center.

It will have the same "sleek and elegant" architecture by Carrier Johnson of San Diego, and will be connected to all of the other buildings through ground floor, double-entry "through" lobbies. The entire campus is linked by three large courtyards with water features and extensive walkways and plazas.

"The connectivity and common areas of our new campus have been essential to supporting and enhancing our culture and to creating an environment supporting improved productivity," said Urwiler.

When signed in July 1999, the Peregrine lease for its new world headquarters -- valued at $175 million -- was the largest ever in San Diego County.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Kilroy Realty Corp.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the company's Annual Report or Form 10-K for the most recently ended fiscal year.

CONTACT:          Casey Sayre & Williams Inc.
                  Karen Diehl, kdiehl@cswpr.com
                  Barbara S. Casey, bcasey@cswpr.com
                  310/458-1224

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