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Kilroy Centre Del Mar Now 99 Percent Leased; Kilroy Realty Corp. Announces Leases With Clifford Chance and Peregrine Systems

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Recent Transactions Account for an Additional 46,011 Square Feet of Leased Space Within the Class-A Office Campus

LOS ANGELES, Jan 8, 2004 (BUSINESS WIRE) -- Kilroy Realty Corporation (NYSE:KRC) has completed transactions with Clifford Chance, a global law firm, for 13,498 square feet of space, and Peregrine Systems, a consolidated IT asset management and service management provider, for 26,413 square feet of office space at Kilroy Centre Del Mar, a 539,150-square-foot class-A office campus located in the Del Mar area of San Diego. The two transactions, combined with Kilroy Realty's relocation of its San Diego office, bring Kilroy Centre Del Mar to 99 percent leased at the close of 2003.

The Peregrine Systems transaction is an expansion of the company's existing space. Peregrine now occupies approximately 103,289 square feet in Kilroy Realty's five-building Del Mar campus. Clifford Chance will occupy its space in March 2004.

These transactions follow on the heels of the completion of a 17-year lease for 112,563 square feet of space with Scripps Health at Kilroy Centre.

"The successful turnaround of Kilroy Centre Del Mar in 2003 underscores the quality, flexibility and appeal of our office product and the resiliency and diversity of the Del Mar and greater San Diego leasing market," noted Steve Scott, Senior Vice President, Kilroy Realty Corp.

In just over a year, more than 530,000 square feet of space has been leased at Kilroy Centre Del Mar. In addition to Peregrine Systems, Scripps Health and Clifford Chance, Kilroy Centre Del Mar is home to other high-profile firms such as Paul Hastings, Fair Isaac and Memec.

Kilroy Realty Corporation, a member of the S&P Small Cap 600 Index, is a Southern California-based real estate investment trust active in the office and industrial property sectors. For more than 50 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of California and Washington. Principal markets for KRC's current development program include the coastal submarkets in San Diego and El Segundo. At September 30, 2003, the company owned 7.3 million square feet of commercial office space and 4.9 million square feet of industrial space. More information can be found at www.kilroyrealty.com.

SOURCE: Kilroy Realty Corporation

Kilroy Realty Corporation
Richard E. Moran Jr., 310-481-8483
Tyler H. Rose, 310-481-8484

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