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Press Room Release

Kilroy Realty Breaks Ground On Upscale Seven-Story Building At Kilroy Airport Center

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EL SEGUNDO, CALIF. — Kilroy Realty Corporation (NYSE: KRC) today announced that it has broken ground on the second of two buildings comprising Phase III of Kilroy Airport Center. The seven story structure will be the most dramatic of the buildings located at the master planned office complex, with more than 200,000 square-feet of space, according to Kathy Delgado, vice president of marketing, KRC. Once completed, Kilroy Airport Center will offer approximately 950,000 square feet of rentable space on 54 acres of land.

Situated adjacent to the San Diego Freeway (I-405) and the Long Beach Airport with four on/off ramps located within a one-mile radius of the property, this complex will provide prime freeway signage and visibility for tenants as well as easy access for employees of located on-site.

"The City of Long Beach is growing into a key location for businesses in the South Bay because it is ideally located equidistant from the population and business centers of both Los Angeles and Orange counties," commented Delgado. "Additionally, Long Beach is a business-friendly city, offering numerous incentives, including Enterprise Zone benefits to companies locating to the area."

First-Class Amenities

The new building offers distinctive architecture and amenities that build upon the architectural character that was established in Phase I and Phase II of Kilroy Airport Center. The seven-story building features dramatic Jacaranda granite from Brazil and includes green-tinted insulated glass, providing the maximum energy and acoustical efficiency, resulting in cost savings for tenants. In addition, the entire office complex features high quality landscape themes with outside water fountains and seating. The new Phase III facilities will also integrate the "Smart Building Systems" designed to accommodate future changes in technology as well as the GTE Smartpark, which provides multiple fiber-optic feeds for high-speed Internet access.

Tenants of Kilroy Airport Center will be able to take advantage of on-site amenities such as a fitness center, deli, dry cleaners and print shop.

Construction for the seven-story structure of Phase III is slated for completion in July 2000. The five-story building of Phase III, which consists of approximately 140,000 square feet began construction in December 1998 and was completed in February 2000. The building is 100 percent leased by Epson America, Inc. Leasing activity has been brisk with several transactions already completed. The company moved into the building in February.

Harwood K. Smith & Associates were the architects on the project. The firm, based out of Dallas, TX, also designed Phase II of Kilroy Airport Center. Dinwiddie Construction served as the general contractor. Brokers for the project are Robert Healey and Gregg Kirkpatrick of CB Richard Ellis, Inc. The in-house leasing agent is Kathy Delgado.

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 December 31, 1998, the company owned 5.6 million square feet of commercial office space and 6.2 million square feet of industrial space. For more information, please visit the Kilroy web site at www.kilroyrealty.com.