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Kilroy Realty Corporation Leases 52,000-Square-Foot Building in North San Diego County to USE Credit Union

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SAN DIEGO, Aug 22, 2002 (BUSINESS WIRE) -- Kilroy Realty Corporation (NYSE:KRC) has signed a 15-year lease, valued at $15 million, with USE Credit Union for a 52,540-square-foot building that will serve as the company's corporate headquarters.

"Our new headquarters is in the center of some of the fastest growing companies in San Diego County. It is centrally located with easy access for our members and our employees," said Linda Baughman, president and CEO, USE Credit Union.

As one of the top five largest credit unions in San Diego County, USE has been a leader in delivering user-friendly technology for financial services. It was among the first credit unions in the world to offer online banking, wireless Internet banking and check cards to its members. The company will move 123 employees to its new headquarters before year-end, 2002. The single-story facility at 10120 Pacific Heights Boulevard is located in Pacific Corporate Center in Sorrento Mesa.

"USE Credit Union is not only one of the region's oldest companies but is one of the most innovative in the financial industry," notes Roger Simsiman, vice president, asset management for Kilroy Realty Corporation. "The North County market continues to be very attractive to San Diego companies, particularly those looking for large, flexible space or a headquarters location."

The master-planned Pacific Corporate Center is ideally located just off Interstate 805 and Mira Mesa Boulevard and near Kilroy Realty's Sorrento Gateway center. In addition to USE Credit Union, Vical Incorporated, a pharmaceutical research and manufacturing company, and Nanogen, a creator of medical diagnostics, have established corporate headquarters locations with Kilroy Realty at Pacific Corporate Center.

A leading owner/operator and developer of office and industrial space for innovative, knowledge-based companies in San Diego, Kilroy Realty has completed major facilities for Applied Micro Circuits Corp., Ericsson, and biotech leader Diversa Corp. Kilroy Realty owns and manages approximately 3 million square feet in San Diego that is currently 99 percent occupied with 1.5 million square feet in the pipeline in the Sorrento Mesa, Del Mar and Carmel Mountain Ranch submarkets.

About USE Credit Union

Headquartered in San Diego, USE Credit Union was founded in 1936 and is the fifth largest credit union in San Diego County. With more than $580 million in assets and 60,000 members, USE is among the top 50 in asset size of more than 700 credit unions in the state. USE operates nine branches serving five counties in California -- San Diego, Santa Clara, Sacramento, Yolo and Alameda.

About Kilroy Realty

Kilroy Realty Corporation, a member of the S&P Small Cap 600 Index, is a Southern California-based real estate investment trust active in the office and industrial property sectors. For more than 50 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of California and Washington. Principal submarkets for KRC's current development program include West Los Angeles, El Segundo and coastal San Diego. At June 30, 2002, the company owned 7.6 million square feet of commercial office space and 5.1 million square feet of industrial space. More information is available at www.kilroyrealty.com.

CONTACT:
Kilroy Realty Corporation
Tyler H. Rose, 310/481-8484 (Investor Contact)
or
Casey Sayre & Williams
Karen Diehl, 310/458-1224 (Media Contact)

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