Kilroy Realty Set to Launch Construction on Additional Half Million Square Feet of Office Space in the San Francisco Bay Area Company Breaks Ground on Crossing/900 Campus in Redwood City; Receives Green Light to Build Contemporary Brick and Concrete Office Project at 333 Brannan Street in San Francisco’s SOMA District Business Wire SAN FRANCISCO -- November 11, 2013 Kilroy Realty Corporation (NYSE: KRC) will boost its Bay Area construction pipeline to more than 1.8 million square feet with new office-project starts in downtown Redwood City and the brick and timber commercial neighborhood of Brannan Street in the city’s booming SOMA district. More than 1.3 million square feet of the company’s Bay Area construction pipeline is pre-leased. Crossing/900. KRC held a groundbreaking ceremony last week for this two-building, mid-rise office campus located in Redwood City’s increasingly urbanized downtown area. The new 300,000-square-foot project is located steps away from the city’s Caltrain station and conveniently close to the two major freeways serving the region and San Francisco International Airport. It is also within walking distance of abundant retail, dining and entertainment amenities as well as over a thousand residential units under construction. The project, designed by Korth Sunseri Hagey, represents a key component in the city’s plan to attract new businesses and residents to the downtown area and expand its role as a major employment and residential hub in the Silicon Valley. Crossing/900 is a LEED Gold certified development project that will feature large open floor plates, forward-looking designs, outdoor plaza areas, abundant parking and up-sized base building features thereby allowing greater densities that are highly desirable among today’s modern workforce. “The project will serve the burgeoning knowledge-based industries in this region that currently has very limited options for new office space, especially near Caltrain,” said Mike Sanford, KRC’s Senior Vice President, Northern California. KRC expects to complete construction on the project in 2015. 333 Brannan Street. Earlier this month, KRC received site approval for the construction of a modern 170,000-square-foot, six-level, brick and concrete office building at this 0.82-acre site located in one of San Francisco’s most popular technology and media corridors. Designed by William McDonough, a leading proponent of sustainable architecture, 333 Brannan Street will be a LEED Platinum+ certified project and one of the most eco-friendly, greater than two-story office buildings built to-date in California. The building capitalizes on the charm of the historical area with contemporary and state of the art sustainable features, including large, highly efficient floor plates designed for higher density users, expansive public spaces, a panoramic roof deck and an on-site restaurant. 333 Brannan is surrounded by dozens of cafes and restaurants, is in close proximity to AT&T Park, Caltrain, and BART, and is also adjacent to KRC’s 250 Brannan Street and 301 Brannan Street properties. The company expects to complete construction on the project in 2015. With these two starts, KRC has now expanded its Bay Area construction portfolio by nearly 500,000 square feet. The company is also currently building new corporate campuses for LinkedIn and Synopsys in the Silicon Valley, and a new office tower at 350 Mission Street in downtown San Francisco for Salesforce.com. KRC recently completed an 88,000-square-foot office project for Audience Inc. in Mountain View. “The transformation that has taken place over the past several years in the way tenants use office space and the recognition that location and quality of the environment is essential in attracting and retaining employees is profound. Just as we have transformed our core portfolio with the assets we’ve acquired and renovated where appropriate, we are focused on developing market leading facilities,” said John Kilroy, Jr., KRC’s chairman, president and CEO. About Kilroy Realty Corporation. Kilroy Realty Corporation, a member of the S&P MidCap 400 Index, is a real estate investment trust active in major West Coast office markets. For over 65 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of Los Angeles, Orange County, San Diego, the San Francisco Bay Area and greater Seattle. At September 30, 2013, the company owned 12.5 million rentable square feet of commercial office space. 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 forward-looking statements, and you should not rely on 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 forward-looking statements, including, among others, risks associated with: investment in real estate assets, which are illiquid; trends in the real estate industry; significant competition, which may decrease the occupancy and rental rates of properties; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired properties; the availability of cash for distribution and debt service and exposure of risk of default under debt obligations; adverse changes to, or implementations of, applicable laws, regulations or legislation; and the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts. These factors are not exhaustive. 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, 2012 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on information that was available, 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 required in connection with ongoing requirements under U.S. securities laws. Contact: Kilroy Realty Corporation Tyler H. Rose Executive Vice President and Chief Financial Officer (310) 481-8484 or Mike L. Sanford Senior Vice President, Northern California (415) 778-5678 office (650) 888-2228 cell
Kilroy Realty Set to Launch Construction on Additional Half Million Square Feet of Office Space in the San Francisco Bay Area
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