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Press Room Release

Kilroy Realty Corporation Completes $19.9 Million Common Equity Placement

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Contact: FOR RELEASE:
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 13, 1998 - Kilroy Realty Corporation (NYSE:KRC) announced today the sale of 724,888 shares of Common Stock at a price of $27.50 per share. Net proceeds of approximately $18.9 million will be used to reduce the balance of the company's revolving line of credit.

Prudential Securities Incorporated served as underwriter for the offering. It is anticipated that the shares will be deposited by Prudential Securities in a registered unit investment trust comprised of a number of publicly-traded real estate investment trusts. The transaction is scheduled to close on February 18, 1998.

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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