Kilroy Realty Reports Leasing Progress at San Diego Properties
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LOS ANGELES--(BUSINESS WIRE)--April 1, 2003--Kilroy Realty Corporation (NYSE: KRC) announced today that it has made leasing progress at two San Diego properties where financially troubled tenants had recently defaulted on their leases.
Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, executed a five-year lease for all of a 52,375 square foot building located in Kilroy Centre Del Mar, a 20-acre five-building campus in the Del Mar submarket of San Diego. The property, 3579 Valley Centre Drive, was previously leased to Peregrine Systems, Inc. This lease is scheduled to commence when tenant improvements are complete, which is estimated to be in September 2003.
Under a second agreement, Paul, Hastings also agreed to lease on an interim basis all of a 72,332-square-foot building located at 12390 El Camino Real in Del Mar. The commencement of the lease is retroactive back to February 1, 2003 when the prior tenant, Brobeck, Phleger & Harrison, defaulted on its lease. This lease will terminate when 3579 Valley Centre Drive is ready for occupancy.
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 December 31, 2002, the company owned 7.4 million square feet of commercial office space and 4.9 million square feet of industrial space. More information is available at www.kilroyrealty.com.
SOURCE: Kilroy Realty Corporation