Kilroy Realty Announces Extensions of Boeing Leases in Seattle and El Segundo
|View printer-friendly version|
LOS ANGELES--(BUSINESS WIRE)--Nov. 6, 2002--Kilroy Realty Corporation (NYSE:KRC) announced today that it has extended two existing leases totaling approximately 312,000 square feet with The Boeing Company for space Boeing currently occupies in Seattle and El Segundo.
Kilroy Realty amended its existing lease with Boeing for approximately 211,000 square feet in the company's Kilroy Airport Center -- Seatac project to extend it an additional five years to December 31, 2007. Boeing is currently occupying this space under a lease that would have expired on December 31, 2002. Under the terms of the amendment, Boeing has the right to terminate the lease at December 31, 2005 and December 31, 2006.
Kilroy Realty also amended its existing lease with Boeing for approximately 101,000 square feet in the company's Kilroy Airport Center -- El Segundo project to extend it an additional two years to January 31, 2006. The existing lease on this space would have expired on January 31, 2004.
The rental rates on the two transactions are approximately equal to the rental rates Boeing is currently paying on the existing leases.
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 September 30, 2002, the company owned 7.6 million square feet of commercial office space and 5.2 million square feet of industrial space. More information is available at www.kilroyrealty.com.