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Kilroy Realty Corporation Breaks Ground On Landmark Carmel Center Project

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SAN DIEGO — Kilroy Realty Corporation (NYSE: KRC) today announced groundbreaking for Carmel Center, the largest Class A master planned office development site in the Del Mar submarket. Offering greater freeway visibility and signage than any other office park in Del Mar, Carmel Center will comprise five buildings totaling approximately 530,000 square-feet of rentable space. Once built, Carmel Center will be the largest office complex of its kind in Del Mar. This landmark project is located at the northeast quadrant of Interstate 5 and SR 56.

A benchmark office park, Carmel Center offers users a range of unique amenities, including the adjacent 219-room Doubletree Hotel, offering business travelers excellent lodging, dining, conference and training facilities. Also nearby is one of Del Mar’s premier neighborhood centers, Piazza Carmel, featuring more than eight restaurants, office supplies, banking, dry cleaning and other conveniences.

"Carmel Center will be the premiere Class A suburban office project, not only in Del Mar, but in San Diego County," said Steve Black, executive vice president, KRC. "No other suburban office project has the space, visibility, design amenities and accessibility that is being offered at Carmel Center. This is truly a one-of-a-kind project that cannot be recreated."

Phase I, currently under construction, includes a three-story, 53,000 square-foot building and a five-story, 134,000 square-foot building, in addition to an adjacent two-level, 1,730-space above-grade parking garage. The overall parking ratio will be 4.8 spaces per 1,000 usable-square-feet. At completion, Carmel Center will offer the highest percentage of covered parking available in this submarket. Subsequent phases to be completed over the next two years, consist of three additional five-story structures, representing 345,000 rentable square feet.

Creative Design and Architecture

Carmel Center’s design sets it apart from other office complexes in the market. The four, five-story buildings will feature clear, reflective and spandrel glass curtainwall elements as well as two slightly contrasting aluminum-composite architectural panels that create a sleek, refined look for Carmel Center. In addition, each of these buildings will feature two-story lobbies. The three-story building will differ in its design in that it will feature pre-cast concrete panels. The building also will have a third-floor deck with views of the Torrey Reserve and Torrey Pines Ridge.

Carmel Center will be unified by three large, well-landscaped courtyards with water features. The areas will be integrated between each of the four, five-story buildings, creating a warm and inviting environment for campus employees and visitors. All buildings will be accessible to and from one another through the design and implementation of ground floor, double-entry ‘through lobbies.’

Meeting the growing technological needs of its clients, Kilroy has provided access to a fiber optics cable system for high-speed Internet access for voice, video, data and multimedia communications into the buildings. Additionally, Carmel Center offers large floorplates for greater flexibility and efficiency in space planning.

"This is an important project for the Del Mar submarket,"commented Black. "Demand for commercial space in and around Carmel Center is high. With little available space in this submarket, we expect to attract growing and established, high-end companies in the technology and professional services industries, including law, accounting and investment banking. We also anticipate strong interest from corporate, regional and local headquarter users."

The architect for the project is Carrier Johnson, a San Diego-based architectural firm that has designed such notable projects as the General Instrument San Diego headquarters, R.W. Johnson Pharmaceutical Research Instate and the County of San Diego Hall of Justice. Reno Contracting, Inc. is the general contractor. Phil Monroe, Patrick Rohan and Erin Wynne of John Burnham & Company serve as leasing agents for the project.

Kilroy Realty Corporation is a Southern California-based real estate investment trust active in the commercial and industrial property sector. Principal submarkets for the company’s development projects include San Diego, Los Angeles, Long Beach and Orange County where the company has a development pipeline exceeding $500 million. 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.