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Press Room Release

Kilroy Realty Corporation Completes $27.5 Million Sale of Common Stock

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Richard E. Moran Jr Tyler H. Rose
Executive Vice President Senior Vice President
and Chief Financial Officer and Treasurer
(310) 563-5533(310) 563-5531

LOS ANGELES, February 19, 1998 - Kilroy Realty Corporation (NYSE:KRC) today announced that it has sold 1,000,000 shares of common stock to A.G. Edwards & Sons, Inc. The net proceeds of the sale will be approximately $26.1 million and will be used to reduce the balance of the company's revolving line of credit. A.G. Edwards & Sons, Inc. served as the sole underwriter for the offering. It is anticipated that the shares will be sold by A.G. Edwards & Sons, Inc. to Nike Securities L.P., which intends to deposit such shares into a newly-formed registered unit investment trust comprised of a number of publicly traded real estate investment trusts.

Kilroy Realty Corporation owns, operates and develops office and industrial properties, primarily in California. At December 31, 1997, the company owned 4.2 million square feet of commercial office space and 5.0 million square feet of industrial space.

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