Kilroy Realty Announces Two Los Angeles County Leases Totaling 76,816 Square Feet; CarsDirect.com and SCS Engineers Sign Leases at KRC-Owned and Managed Properties
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LOS ANGELES--(BUSINESS WIRE)--Oct. 20, 2004--Kilroy Realty Corporation (NYSE:KRC), a Southern California-based real estate investment trust active in the office and industrial property sectors, announces leases with CarsDirect.com and SCS Engineers. The leases total 76,816 square feet and indicate a strengthening office market in the county of Los Angeles, coupled with a demand for quality, well-managed and maintained Class-A product.
KRC signed a five-year lease with CarsDirect.com beginning this month and totaling approximately 45,276 square feet of space for their corporate headquarters at 909 N. Sepulveda Blvd. in the City of El Segundo.
CarsDirect.com is the leading multi-brand online car buying service, providing new and pre-owned automobiles and related products and services. The company will occupy the top two floors of the 11-story, Class-A office building located on the corner of Sepulveda Blvd. and Imperial Hwy. CarsDirect.com will be relocating from its current headquarters in Culver City, Calif.
Chris Houge and Hunt Barnett of Madison Partners and Jim Jandro of CB Richard Ellis represented KRC and Gary Horwitz of CB Richard Ellis represented CarsDirect.com in the transaction.
"CarsDirect.com has seized an opportunity to position themselves in a prime location, with signage visible from the 105 freeway," said Conan Cotrell, senior vice president of leasing & marketing for Kilroy Realty Corporation. "In addition, the building is adjacent to the entrance tunnel leading to Los Angeles International Airport and has spectacular views of the ocean."
Cotrell added that the 242,000-square-foot building has recently undergone an extensive redevelopment to the lobby, landscaping and other common areas.
KRC completed a seven-year lease transaction with SCS Engineers for approximately 31,540 square feet of space at 3900 Kilroy Airport Way in Kilroy Airport Center - Long Beach, a six-building business park encompassing approximately one million square feet of Class-A office space. The lease commences in January 2005.
An engineering and construction company specializing in environmental services and solid waste management, SCS Engineers (SCS) is one of the 100 Fastest-Growing Architectural, Engineering, Planning, and Environmental Consulting Firms in the U.S. The new lease brings Kilroy Airport Center to 93 percent leased.
Robert Garey, Kimball Wasick and Bob Alperin of Cushman & Wakefield represented KRC and Kim Josephson of Real-Tech represented the tenant, SCS Engineers, in its relocation and expansion to Kilroy Airport Center.
The SCS Engineers transaction comes on the heels of significant activity at Kilroy Airport Center. In the last year, some of the notable lease transactions completed include: Harris Corp. for 14,456 square feet of space; Sedgwick Claims Management for 19,690 square feet of space; and Healthcare Property Investors for 24,536 square feet of space.
"Long Beach remains a great market for companies that want access to the dynamic Southern California business community. The 405 freeway, which runs adjacent to our property, is a great access point which is why Kilroy Airport Center continues to be a top choice for relocating and expanding companies. We've always believed that quality product in a strong market will attract quality tenants," said Cotrell.
About Kilroy Realty Corp.
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 June 30, 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