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Press Room Release

Kilroy Realty Corp Underwriters Exercise Over-Allotment Option; Purchase Additional $40 Million of Stock

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Richard E. Moran Jr.
Executive Vice President
and Chief Financial Officer
(213) 772-1193

LOS ANGELES, CA, February 7, 1997 - -Kilroy Realty Corporation (NYSE: KRC) today said underwriters for the company's recently completed initial public offering have elected to exercise their over-allotment option, purchasing an additional 1,875,000 shares of common stock at the offering price per share of $24.00, net of underwriting discounts and commissions, for net proceeds of $40.4 million.

"This decision underscores the tremendous enthusiasm that exits within the investment community for our growth plans," said Richard E. Moran Jr., Kilroy's chief financial officer. "With the proceeds from this offering, we've initiated an aggressive acquisition program that will build our asset base at an historically opportune time in the real estate growth cycle," he added.

Kilroy completed its offering of 12.5 million shares of common stock on January 28, 1997. The offering was underwritten by Prudential Securities Incorporated, Donaldson, Lufkin & Jenrette, J.P. Morgan & Co. and Smith Barney Inc.

Kilroy Realty Corporation is a Southern California-based real estate investment trust that owns, operates and develops commercial and industrial properties, primarily in California. At December 31, 1996, 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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