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Kilroy Realty Announces It is under Contract to Purchase Irvine, California Office Building

^{Published on 2010-06-05 06:25:04 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--Kilroy Realty Corporation (NYSE: KRC) announced today that it is under contract to purchase 2211 Michelson Drive in Irvine, California for a total purchase price of approximately $103 million. The building is located in the Airport Area submarket of Orange County and encompasses approximately 271,600 rentable square feet. Completed in 2007, the building is one of the premier office properties in the region and is currently 92% leased. The acquisition is subject to customary closing conditions.

Some of the information presented in this release is forward looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the anticipated acquisition. Although Kilroy Realty Corporation believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that the pending acquisition referred to above will be completed on the terms currently contemplated, or at all, and that the other expectations referenced will be achieved. Certain factors that could cause the expectations to differ are set forth as risk factors in the company's Securities and Exchange Commission reports and filings. Included among these factors are changes in general economic conditions, future demand for its debt and equity securities, its ability to refinance its debt on reasonable terms at maturity, its ability to complete current and future development projects on schedule and on budget, and risks detailed from time to time in the company's Securities and Exchange Commission reports, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K. Many of these factors are beyond Kilroy Realty's ability to control or predict. Forward-looking statements are not guarantees of future performance. For forward-looking statements herein, Kilroy Realty claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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 over 60 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of Los Angeles, Orange and San Diego counties. At March 31, 2010, the company owned 8.8 million rentable square feet of commercial office space and 3.7 million rentable square feet of industrial space. More information is available at [ www.kilroyrealty.com ].