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Kilroy Realty Tenant Acquired by Hewlett-Packard

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LOS ANGELES--(BUSINESS WIRE)--Dec. 21, 2005--Kilroy Realty Corporation (NYSE:KRC) announced that Hewlett Packard Company (NYSE:HPQ) ("HP") reported on December 19, 2005 that it acquired Peregrine Systems, Inc., a Kilroy Realty tenant since 1999. As its successor in interest, HP has assumed Peregrine Systems' obligations under a lease with Kilroy Realty for office space that includes 117,948 square feet at 3611 Valley Centre Drive in the Del Mar submarket of San Diego. The lease is scheduled to expire on April 30, 2012.

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. Kilroy Realty currently has an in-process development pipeline of approximately 644,000 square feet of office space in San Diego County. At September 30, 2005, the company owned 7.8 million rentable square feet of commercial office space and 4.7 million rentable square feet of industrial space. More information is available at www.kilroyrealty.com.

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

SOURCE:
Kilroy Realty Corporation