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Kilroy Realty, L.P. Completes $60 Million Perpetual Preferred Private Placement

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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 9, 1998 - Kilroy Realty Corporation (NYSE:KRC) today announced that Kilroy Realty L.P. completed a private sale of 1,200,000 units of 8.075% Series A Cumulative Redeemable Preferred Units at $50 per share. The net proceeds of approximately $58.5 million will be used to reduce the balance of the partnership's revolving line of credit. The Preferred Units, which may be called by Kilroy Realty, L.P. at par on or after February 6, 2003, have no stated maturity or mandatory redemption and are not convertible into any other securities of the limited partnership. The Preferred Units were placed directly with an institutional investor. Merrill Lynch acted as placement agent.

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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