Kilroy Realty Announces Leases with Intuit Inc. and Broadspire; New Leases Total Approximately 80,000 Square Feet; Class A Office Building Is Now 88 Percent Leased
|View printer-friendly version|
LOS ANGELES--(BUSINESS WIRE)--July 7, 2004--Kilroy Realty Corporation (NYSE: KRC) has recently completed two lease transactions totaling approximately 80,000 square feet within a two-story Class A office building located at 26541 Agoura Road in Calabasas, California. Intuit Corporation, a leading provider of business and financial management solutions for small and mid-sized businesses, consumers and accounting professionals, signed a 10-year lease for approximately 50,000 square feet of space. Broadspire, a company that offers one of the broadest arrays of unbundled and integrated risk management services, signed a five-year lease for approximately 30,000 square feet of space. Together these two transactions bring Kilroy Realty's building to 88 percent leased.
The two companies are both expanding their office space and are expected to move in during the third quarter of 2004. Intuit's operations will include about 200 employees, and Broadspire will have approximately 100 employees in this location.
Marc Spellman, principal of the Calabasas office of Lee & Associates-LA North/Ventura, Inc., represented Kilroy Realty in both transactions. Gary Wagmeister of Corporate Realty Consultants and Craig Kammerer of The Staubach Company represented Intuit Corporation. Melissa Gray of Cushman & Wakefield represented Broadspire.
"We're pleased to be part of a market that is experiencing a significant amount of leasing activity," said John Fucci, senior vice president of asset management, Kilroy Realty Corporation. "The improving strength of the office sector combined with KRC's relationships and extensive knowledge of the greater Los Angeles marketplace enabled us to attract these strong tenants."
Located in the heart of Calabasas, the property, which totals 90,878 square feet, is close to the 101 Freeway and has easy access to Pacific Coast Highway via Malibu Canyon. It is within walking distance of hotels, shopping and restaurants and provides subterranean covered parking and freeway visibility.
"The companies were attracted to the building because of the location, existing infrastructure to accommodate their high-tech needs and Kilroy Realty's strong reputation for proactive property management services," said Spellman.
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. KRC is currently active in office development and redevelopment in Los Angeles and San Diego counties. At March 31, 2004, the company owned 7.2 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.
CONTACT: Kilroy Realty Corporation Richard E. Moran Jr., 310-481-8483 Tyler H. Rose, 310-481-8484 SOURCE: Kilroy Realty Corporation