Property leads wellness charge as the world’s first apartment rental
project to earn WELL Multifamily Residential Certification under the
WELL Building Standard™
LOS ANGELES--(BUSINESS WIRE)--
Kilroy Realty Corporation(NYSE: KRC) today announced that Hollywood
Proper Residences, the 200-unit luxury high-rise at its Columbia
Square mixed-use project, has become the world’s first apartment
rental project to earn WELL
Multifamily Residential Certification under the WELL Building Standard™
(WELL). Administered by the International WELL Building Institute™
(IWBI), WELL is a performance-based system for measuring, certifying,
and monitoring features of the built environment that promote the health
and wellness of the people who live, work, and learn in these spaces.
KRC has a successful track record of sustainability and health
achievements. GRESB, widely recognized as the most rigorous standard for
benchmarking the sustainability performance of real estate companies and
funds, named KRC the North American leader in sustainability for the
past three consecutive years and named it #1 for Health performance in
the office sector in the most recent reporting year, 2016.
“We are excited to bring to market, as our first residential property,
the first multifamily community certified for healthy living under the
WELL Building standard,” said Chris Heimburger, senior vice president of
development for KRC. “As a market leader, we recognize the growing need
to focus our portfolio on the health and wellness of our tenants and
residents and we maintain a steadfast commitment to strive for
excellence in meeting this need.”
The residential tower demonstrates forward-thinking, health-focused
design that includes the following features:
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Performance-verified indoor air quality achieved through a variety of
methods, including increased outdoor air and a suite of innovative
filtration media
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Extensive onsite fitness center
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Health-focused building materials
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Increased daylight access
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Augmented green cleaning program
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Verified acoustic comfort
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Biophilic environment
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Performance-verified water quality
“We congratulate KRC for targeting and achieving WELL for the Columbia
Square Residential Tower and applaud the company for putting the health
and well-being of its tenants front and center of their efforts,” said
Rick Fedrizzi, chairman and CEO of IWBI. “As the newest member of the
family of WELL Certified™ projects, the Columbia Square Residential
Tower is a strong representation of our growing movement and we are
proud to work with KRC in this leadership achievement.”
The project was constructed by Webcor Builders and designed by GBD
Architects. “We are committed to the WELL certification goals,” said
Cicely Rice, Webcor’s project director. “We enjoyed working with Kilroy
Realty to build California’s first certified multifamily WELL building
where people can live, work, and play in an environment that was
designed to nurture health and productivity.”
The Columbia Square mixed-use project is located in the heart of
Hollywood two blocks from the corner of Sunset and Vine. In addition to
the residential tower, it includes office buildings totaling
approximately 460,000 square feet that earned LEED Gold certification in
2016.
About Kilroy Realty Corporation. Kilroy Realty Corporation
(KRC), a publicly traded real estate investment trust and member of the
S&P MidCap 400 Index, is one of the West Coast’s premier landlords. The
company has over 70 years of experience developing, acquiring, and
managing office and mixed-use real estate assets. The company provides
physical work environments that foster creativity and productivity and
serves a broad roster of dynamic, innovation-driven tenants, including
technology, entertainment, digital media, and health care companies.
At June 30, 2017, the company’s stabilized portfolio totaled
approximately 14.4 million square feet of office space and 200
residential units located in the coastal regions of Los Angeles, Orange
County, San Diego, the San Francisco Bay Area, and Greater Seattle. In
addition, KRC had four projects totaling approximately 1.8 million
square feet of office space, 237 residential units and 96,000 square
feet of retail space under construction.
The company is recognized by GRESB as the North American leader in
sustainability and was ranked first among 178 North American
participants across all asset types. At the end of the second quarter,
the company’s stabilized portfolio was 52% LEED certified and 71% of
eligible properties were ENERGY STAR certified. More information is
available at http://www.kilroyrealty.com.
Forward-Looking Statements. This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements are based
on our current expectations, beliefs and assumptions, and are not
guarantees of future performance. Forward-looking statements are
inherently subject to uncertainties, risks, changes in circumstances,
trends and factors that are difficult to predict, many of which are
outside of our control. Accordingly, actual performance, results and
events may vary materially from those indicated in the forward-looking
statements, and you should not rely on the forward-looking statements as
predictions of future performance, results or events. Numerous factors
could cause actual future performance, results and events to differ
materially from those indicated in the forward-looking statements,
including, among others: global market and general economic conditions
and their effect on our liquidity and financial conditions and those of
our tenants; adverse economic or real estate conditions generally, and
specifically, in the States of California and Washington; risks
associated with our investment in real estate assets, which are
illiquid, and with trends in the real estate industry; defaults on or
non-renewal of leases by tenants; any significant downturn in tenants’
businesses; our ability to release property at or above current market
rates; costs to comply with government regulations, including
environmental remediation; the availability of cash for distribution and
debt service and exposure to risk of default under debt obligations;
increases in interest rates and our ability to manage interest rate
exposure; the availability of financing on attractive terms or at all,
which may adversely impact our future interest expense and our ability
to pursue development, redevelopment and acquisition opportunities and
refinance existing debt; a decline in real estate asset valuations,
which may limit our ability to dispose of assets at attractive prices or
obtain or maintain debt financing, and which may result in write offs or
impairment charges; significant competition, which may decrease the
occupancy and rental rates of properties; potential losses that may not
be covered by insurance; the ability to successfully complete
acquisitions and dispositions on announced terms; the ability to
successfully operate acquired, developed and redeveloped properties; the
ability to successfully complete development and redevelopment projects
on schedule and within budgeted amounts; delays or refusals in obtaining
all necessary zoning, land use and other required entitlements,
governmental permits and authorizations for our development and
redevelopment properties; increases in anticipated capital expenditures,
tenant improvement and/or leasing costs; defaults on leases for land on
which some of our properties are located; adverse changes to, or
implementations of, applicable laws, regulations or legislation; risks
associated with joint venture investments, including our lack of sole
decision-making authority, our reliance on co-venturers’ financial
condition and disputes between us and our co-venturers; environmental
uncertainties and risks related to natural disasters; and our ability to
maintain our status as a REIT. These factors are not exhaustive and
additional factors could adversely affect our business and financial
performance. For a discussion of additional factors that could
materially adversely affect our business and financial performance, see
the factors included under the caption “Risk Factors” in our annual
report on Form 10-K for the year ended December 31, 2016 and our other
filings with the Securities and Exchange Commission. All forward-looking
statements are based on currently available information, and speak only
as of the date on which they are made. We assume no obligation to update
any forward-looking statement made in this press release that becomes
untrue because of subsequent events, new information or otherwise,
except to the extent we are required to do so in connection with our
ongoing requirements under federal securities laws.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170809006228/en/
Kilroy Realty Corporation
Sara Neff
Senior Vice President
Sustainability
(310)
481-8449
Source: Kilroy Realty Corporation