Kilroy

Where Innovation Works

Press Room Release

Kilroy Realty Breaks Ground on Innovation Corporate Center's Third Phase; New Development Activity Demonstrates Kilroy Realty's Confidence in a Growing Office Market

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LOS ANGELES--(BUSINESS WIRE)--July 12, 2004--Kilroy Realty Corporation (NYSE:KRC) has broken ground on the third phase of Innovation Corporate Center in the Carmel Mountain Ranch area of north San Diego County. This phase will include two, two-story, corporate office buildings totaling 103,272 square feet. The first building will total 65,867 square feet and the second will total 37,405 square feet. The buildings have been designed to maximize the end users' efficiency and flexibility and will be marketed for a single user or multiple tenants.

"Kilroy Realty's decision to begin the third phase of development is due to a strengthening office market, no new speculative development in the area and strong demand for quality work space," said Steve Scott, senior vice president, Kilroy Realty Corp. "With excellent freeway access, one million square feet of support commercial and retail surrounding the center, a broad offering of nearby housing options and one of the premier state school districts, Innovation Corporate Center continues to be very attractive to corporate users."

Chris Pascale and Rick Sparks of CB Richard Ellis are the listing brokers. Reno Contracting is the general contractor and Pacific Cornerstone is the architect.

The first two phases of Innovation Corporate Center total approximately 289,000 square feet in three buildings. Tenants include i2 Technologies, Broadcom, Anacomp and Northrop Grumman. These phases are 100 percent leased. When completed, the four-phase Center will total more than 500,000 square feet of space.

"Innovation Corporate Center has attracted some of San Diego's most prestigious technology and knowledge-based companies," said Jim Edwards, vice president of development for Kilroy Realty Corp., and the project manager for Innovation Corporate Center. "In order to continue this momentum, KRC is poised to take advantage of the current growth environment by offering low-rise, campus-style office product that so many businesses believe will help attract and retain employees as well as elevate their corporate image to clients and partners."

The Center's cross streets include Innovation, Avenue of Science and Rancho Carmel Drive and is in a prime location near Interstate 15 via Camino del Norte and Carmel Mountain 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.


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

SOURCE: 
Kilroy Realty Corporation