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Kilroy Realty Corporation to Break Ground on Last Parcel of Available Land in Calabasas

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LOS ANGELES – Kilroy Realty Corporation (NYSE: KRC) will break ground in June on Calabasas Park Centre, a 210,000-square-foot project with beautiful exterior and interior finishes and a mix of traditional and contemporary architectural accents. Backed by the support of local government officials and members of the community, the office project will be built upon one of the last available parcels of land in the city of Calabasas.

The office project encompasses approximately nine acres and is bounded by Parkway Calabasas, Calabasas Road, Park Sorrento and Park Centre. It is part of a master planned 67-acre park, that also includes the 200,000-square-foot Commons shopping center, the Homestead Village hotel, 15 acres of dedicated open space and a 3.5-usable acre site, which Kilroy recently sold to the City of Calabasas for use as their new City Hall/Civic Center.

"This is an important site for both Kilroy and the City of Calabasas," commented Hugh Greenup, executive vice president, KRC. It has taken us many years to achieve consensuc on the plan, and it clearly will be the finest office development in the Conejo/West San Fernando Valley. "Along with the Calabasas Commons, it will complete the new downtown Calabasas area and because it is within easy walking distance of the Commons, it provides unmatched amenities and convenience for tenants such as VPA."

Located at 21450 Parkway Calabasas, off of Interstate 101, the project will comprise two mid-rise office buildings and one garden office structure immediately adjacent to the recently completed Calabasas Commons, an upscale shopping and dining center which redefines the city’s downtown area. Tenants and guests of Calabasas Park Centre will be able to walk to and enjoy a variety of amenities offered at the Commons.

According to Andy Fishburn, senior vice president, leasing, KRC, "With Calabasas vacancy rates at a low one to two percent, the demand for quality office space has been extremely high. The office development has already generated substantial interest from companies throughout the area, with VPA, Inc., being the first to sign a 10-year lease agreement for 40,000 square feet of space."

VPA, Inc., is the largest independent administrator of self-insured disability plans offered to Fortune 1000 companies. The company, which will relocate its 160 employees in July 2000, has been located in Calabasas for more than ten years where it currently leases 28,000 square feet of space.

The overall design of the project is reminiscent of "Early Pasadena" style popular in the 1920s and 30’s, which relied on the use of Malibu tiles, tile roofs, and heavy rustication of the building’s façade. The entire project was designed to blend in to the context of the Calabasas Commons and the community’s residential feel and architecture. Specimen trees and evergreens will line the pedestrian walkways as will several small water fountains that are being created using hand-painted tiles to give a special artisan to the common areas.

The office project will be developed over two phases. Phase I is a 100,000-square-foot, four-story office building located at the west-end of the property. Its anticipated completion date is June 2000. Phase II, which will commence subject to market demand, consists of a 100,000-square-foot, four-story structure as well as a 10,000-square-foot building situated on the eastern part of the property.

According to project architect, Robert Braun, Langdon/Wilson Architects, "It was refreshing to be able to work with Kilroy on creating a total environment that will meld magnificently with the neighboring Commons. From the marble tile to the intricate artwork of the water fountains along the pedestrian walkway, the project mirrors Kilroy’s ability to bring creativity and beauty to a business center."

Another consideration for companies interested in locating to the Calabasas Park Centre is economics.

"We have already received considerable interest from a range of companies in the Valley and Ventura," said Bill Inglis, first vice president, CB Richard Ellis, Inc. "One of the most enticing factors is that the project is located outside of the city limits, but within the County of Los Angeles, so companies will not be subject to the City of Los Angeles tax codes. That can be a great benefit when you consider some of the small to mid-size firms that will locate here."

Langdon/Wilson Architects designed Calabasas Park Centre and Bill Inglis and Mike Slater of CB Richard Ellis are the leasing agents.

Kilroy Realty Corporation is a Southern California-based real estate investment trust active in the commercial office and industrial property sectors. 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 March 31, 1999, the company owned 5.7 million square feet of commercial office space and 6.2 million square feet of industrial space.