Kilroy Realty Corporation Acquires 18-Acre Office Development Site in Calabasas
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LOS ANGELES, April 27 -- Kilroy Realty Corporation (NYSE: KRC) today announced the acquisition of an 18-acre site in Calabasas on which the company currently plans to develop three office buildings totaling over 310,000 square feet.
The site is located in the masterplanned mixed use Calabasas Park Centre project adjacent to the 101 freeway northwest of Los Angeles. Other uses under development in Calabasas Park Centre include an upscale 200,000 square foot community-oriented retail project and an extended stay hotel. Groundbreaking for the first phase of Kilroy's office development is scheduled for later this year.
The site was acquired from a partnership controlled by John B. Kilroy, Sr., the company's chairman, and John B. Kilroy, Jr., the company's President and CEO. The company obtained the rights to purchase the site pursuant to an option agreement entered into at the time of the company's initial public offering in January 1997.
The purchase price for the property was $2.6 million, which was funded with $2.5 million of limited partnership units and $100,000 of cash.
Kilroy Realty Corporation owns, operates and develops office and industrial properties, primarily in California. At March 31, 1998, the company owned 4.9 million square feet of commercial office space and 5.5 million square feet of industrial space.