Kilroy Realty Signs 114,780 Square Foot Lease With The Memec Group
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LOS ANGELES, Oct 2, 2002 (BUSINESS WIRE) -- Kilroy Realty Corporation (NYSE: KRC) announced today that it has signed a ten-year lease with The Memec Group for all of a 114,780-square-foot building located in Kilroy Realty's 20-acre five-building campus in the Del Mar submarket of San Diego. The property, 3721 Valley Centre Drive, was previously committed to Peregrine Systems, Inc., which surrendered the building to Kilroy Realty in June 2002.
Memec, a global specialist semiconductor distributor, will relocate its headquarters to the new five-story building, which was completed in September. Memec will consolidate 300 staff members from the United Kingdom and two locations in San Diego into the building.
Under the terms of the lease, Memec is scheduled to take occupancy on four floors on March 1, 2003, and take occupancy of the remaining floor on or before March 1, 2005.
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.
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