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Kilroy Realty Announces Lease with Relational Advisors at Del Mar Corporate Center

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Kilroy Realty is Largest Owner and Manager of Properties in Del Mar Submarket With More Than One Million Square Feet

LOS ANGELES, Jul 12, 2004 (BUSINESS WIRE) -- Kilroy Realty Corporation (NYSE:KRC) has completed a 10-year, 32,792-square-foot lease transaction with Relational Advisors LLC, one of the West Coast's preeminent private investment banks. This transaction brings the six-story, 208,000-square-foot, Class A office building within Del Mar Corporate Center located in the Del Mar area of San Diego, to 100 percent leased.

"Relational Advisors chose Del Mar Corporate Center because it offered a world class location and facility for our clients and employees," said Jim Zehentbauer, managing member, Relational Advisors. "In addition, Kilroy Realty Corporation is a leader in its field. We look forward to working with KRC in the coming years." Zehentbauer added that initially, the new space will house about 80 employees.

The Del Mar Corporate Center III building, located at 12400 High Bluff Drive on the corner of High Bluff Drive and El Camino Real, was completed in August 2003. AMN Healthcare signed a lease prior to commencement of construction for the first five floors. Relational Advisors has leased the entire sixth floor. Move in is expected December 2004.

The entire office campus at Del Mar Corporate Center includes three buildings totaling approximately 370,000 square feet, which, including the lease with Relational Advisors, are now 93 percent leased and include the law firm of Fish and Richardson LLP; Dowling & Yahnke Inc., a money management firm; and Bates White LLC, a national consulting firm offering services in economics, finance, and business analytics to leading law firms.

"The leasing success of Del Mar Corporate Center supports a demand for well designed, efficient, flexible and amenity-rich office space," said Steve Scott, senior vice president, Kilroy Realty Corp. "This space provided Relational Advisors with all its needs including a freeway-close and freeway-visible location with the capability of housing the entire company on one floor due to the building's large, efficient floor plate design."

Scott added that KRC is the largest landlord in the Del Mar submarket, owning and managing more than one million square feet of commercial space. "We understand the needs of the tenant and have created product that addresses those needs for both the short- and long-term."

Rick Reeder and David Odmark of the San Diego office of Grubb and Ellis/BRE Commercial represented Kilroy Realty and Tom Nicholas of the San Diego office of Colliers International represented the tenant in the transaction.

The building is the most prominent and prestigious project in the submarket given the freeway frontage, and high quality of exterior and interior finishes. Del Mar Corporate Center offers the largest and most efficient floor plates, coupled with state-of-the-art infrastructure and operating systems. Other amenities include an above standard parking ratio of which most is covered, outdoor decks, an expansive courtyard entry, numerous outdoor seating and gathering areas, fiber optic and cable TV services and excellent ingress/egress via Carmel Valley Road and Del Mar Heights Road.

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.

Relational Advisors is a private investment bank specializing in M&A, financings, shareholder matters and distressed situations for a wide range of companies, including the Fortune 500 and mid-cap companies. Relational Advisors' affiliate, Relational Investors, is the leading proactive investment manager in America. Relational Investors' heritage as an institutional investor carries credibility in the institutional equity markets. Clients benefit from that credibility and the Firm's reputation for creating shareholder value. Titan Investment Partners is the Group's private equity investment arm that specializes in development stage technology companies.

Since the firm's inception in 1988 Relational Advisors has executed transactions totaling more than $60 billion.

The principals of Relational bring more than 100 collective years of experience to the firm's high profile and complex engagements -- such as the merger of Simula Inc. with Armor Holdings, Inc., the restructuring of Enron and unlocking value for Chrysler shareholders -- with an impressive track record of providing value creating solutions.

Relational differentiates itself from traditional investment banks, by emphasizing client relationships over transaction volume. Relational offers senior level attention and works "in the trenches" as an extension of our clients' management teams to achieve their strategies and financial objectives.

This approach has earned the reputation as long-term, trusted advisors to a select group of performance driven companies.

SOURCE:
Kilroy Realty Corporation

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