Kilroy Realty Corporation Completes $157 Million of Southern California Real Estate Acquisitions
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LOS ANGELES, July 1, 1997 - Kilroy Realty Corporation (NYSE:KRC) announced today that it closed $157 million of acquisitions in the second quarter, a key element of the real estate investment trust's aggressive growth strategy launched with its initial public offering of common stock in January 1997.
The second-quarter acquisitions include more than 700,000 square feet of office space and 1.1 million square feet of industrial space, located in Los Angeles, Orange and Ventura Counties. The acquired properties are located in expanding regional employment centers, including Santa Monica, Irvine, Anaheim, Brea, Garden Grove, Calabasas, Camarillo, Torrance and Ontario.
Since its IPO, Kilroy increased the company's real estate portfolio by 55%, pursuing an aggressive acquisition program that has focused on office and industrial properties located in strong suburban sub-markets of Southern California. In total, Kilroy has acquired 40 properties in 8 transactions, boosting the company's portfolio to 5.2 million square feet.
"Opportunities for profitable long-term investment in Southern California real estate are the best they've been in more than a decade," said John B. Kilroy, Jr., the company's president and chief executive officer. "We remain highly focused at Kilroy on building a portfolio of high quality real estate assets, well-located to capture the economic momentum that continues to grow in this marketplace," he said.
Kilroy Realty Corporation owns, operates and develops commercial and industrial properties in the western United States, primarily California. At June 30, 1997, the company owned 2.7 million square feet of commercial office space and 2.5 million square feet of industrial space.