MTV Expands in Santa Monica, Leasing Kilroy Realty Building Adjacent to Its Headquarters; Largest New Lease Deal in Santa Monica This Year
|View printer-friendly version|
SANTA MONICA, Calif., Aug 26, 2002 (BUSINESS WIRE) -- Kilroy Realty Corporation (NYSE:KRC) has completed the largest new lease transaction in Santa Monica this year, signing MTV Networks to a four-year lease for its building at 1633 26th Street adjacent to MTV's existing headquarters. MTV will occupy the entire three-story, 45,000-square-foot building for expansion as well as relocation of staff members from another Santa Monica location to create a contiguous headquarters campus.
MTV's current headquarters is located at 26th Street and Colorado Avenue in Santa Monica's Professional & Entertainment District. In order to create a campus environment for MTV's two buildings, Kilroy Realty will cut through a brick wall between the structures and add a connecting walkway to facilitate interaction between MTV staff members. MTV also has rights to place a creative sign atop the second building.
"MTV is a pacesetter in the entertainment industry, a constant source of innovation and new ideas," said Kathy Delgado, senior vice president of Kilroy Realty who handled the transaction from the landlord side. "The company's expansion is an indication of the strength of the industry and the continued attraction of Santa Monica for creative companies." Brad Feld of Cushman Wakefield represented MTV.
MTV plans to occupy the building by January 2003. Kilroy Realty purchased the building in 1997 and it has been fully occupied by Alesis Studio Electronics until this year.
MTV Networks, a subsidiary of Viacom Inc., owns and operates the cable television programming services MTV: Music Television, MTV2, Nickelodeon/Nick at Nite, TV Land, VH1, CMT: Country Music Television, and TNN, as well as The Digital Suite from MTV Networks, a package of thirteen digital services, all of which are trademarks of MTV Networks. MTV Networks also operates and offers joint ventures, licensing agreements and syndication deals whereby its programming can be seen worldwide.
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.
Copyright (C) 2002 Business Wire. All rights reserved.