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Boeing Division Signs Seven-Year 211,000 Square Foot Lease at Kilroy Realty Corps.'s Kilroy Airport Center Seatac

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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, June 23, 1997 - Kilroy Realty Corporation (NYSE:KRC) today said The Boeing Company's Commercial Airplane Group has signed a seven-year, 211,139 square-foot lease for 12 floors of space in Kilroy's commercial office complex located at the Seattle-Tacoma International Airport. Under terms of the lease, the Boeing division will begin to occupy space in September and will take full occupancy of the space by January 1998.

The three-building office complex, a familiar sight to Seattle air travelers, is located immediately adjacent to the airport's main entrance. Completed by Kilroy in 1980, the property is currently undergoing a $2 million renovation and tenant improvement program, coupled with a newly invigorated marketing program to increase occupancy. The office center, recently renamed Kilroy Airport Center SeaTac, contains a total of 532,430 square feet in three towers. With the new Boeing lease, which carries a seven-year term with an option to cancel after five years, the center's occupancy will increase to 82%.

"We're delighted to have Boeing join our roster of tenants in Seattle," said John B. Kilroy, Jr., the company's president and chief executive officer. "Their decision to sign a multi-year lease with us adds new momentum to our marketing efforts in the Seattle marketplace and underscores the continued growth of the area's economy," he said.

Kilroy Realty Corporation owns, operates and develops commercial and industrial properties in the western United States, primarily California. At March 31, 1997, the company owned 2.0 million square feet of commercial office space and 1.3 million square feet of industrial space.

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