Kilroy Realty Corporation Acquires Value-Add Opportunities in Two West Coast Tech and Media Centers
2012年7月27日 - 6:16AM
ビジネスワイヤ(英語)
Kilroy Realty Corporation (NYSE: KRC) continued its successful
pursuit of value-add office building opportunities in strongly
growing West Coast commercial centers, acquiring a rare development
site on Brannan Street in San Francisco’s SOMA district and a Class
A office tower in greater Seattle’s prestigious Bellevue
community.
KRC said the development site transaction, which closed last
week, represents a unique opportunity to build a state-of the-art
office property amid one of downtown San Francisco’s most popular
technology and media corridors at a total investment cost notably
below recent prices paid by other purchasers for similar
assets.
In the Seattle transaction, which closed this week, the company
said it has purchased a premium quality, multi-tenant office tower,
located in a popular high-density submarket that is now
experiencing strong demand growth, at a price comfortably below
replacement cost. KRC said it plans to significantly enhance the
property with a capital improvement and modernization program that
will support both property specific and market-based rental rate
growth.
Brannan Street Development Site Details. KRC paid
approximately $18.5 million for the 0.82-acre development site,
located at 329 Brannan Street in San Francisco’s SOMA district. The
site is zoned for approximately 5.0 FAR coverage and the company
intends to build a six-level office building designed to appeal to
the area’s growing community of technology and media companies. It
is KRC’s second ground-up development project in Northern
California.
The new building will be LEED Gold certified. Its design will
reflect the dominant brick and timber character of the
neighborhood, similar to properties at 301 and 250 Brannan Street,
which KRC also owns and which are both 100% leased. The new
building’s design will incorporate open floor plates, concrete
floors, large windows to capture natural light, and multiple common
areas—all features popular with the area’s creative workforce.
KRC expects to complete entitlements for the development site by
year-end 2013 and complete the building in 2015. The company
estimates the total cost of the project, including land, will be
approximately $80 million.
Seattle High-Rise Acquisition Details. KRC paid
approximately $186 million for the 417,000 square-foot, 24-story,
Class A office tower known as Skyline Tower located in Bellevue,
Washington. The purchase price includes the assumption of an
in-place mortgage of approximately $84 million. The loan bears
interest at a rate of 6.37% and matures on April 1, 2013.
Skyline Tower is a LEED Silver certified property featuring
spectacular views of the Cascade and Olympic Mountains and Mount
Rainier, and sits in close proximity to Bellevue’s affluent
residential and retail neighborhoods. The property, which is two
blocks from KRC’s Key Center office tower, is currently 92% leased
to a diverse tenant base that includes technology companies Expedia
and Valve Corporation.
About Kilroy Realty Corporation. Kilroy Realty
Corporation, a member of the S&P Small Cap 600 Index, is a real
estate investment trust active in premier office and industrial
submarkets along the West Coast. For over 60 years, the company has
owned, developed, acquired and managed real estate assets,
consisting primarily of Class A real estate properties in the
coastal regions of Los Angeles, Orange County, San Diego, greater
Seattle and the San Francisco Bay Area. At March 31, 2012, the
company owned 11.8 million rentable square feet of commercial
office space and 3.4 million rentable square feet of industrial
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, results
or events. 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, and with
trends in the real estate industry; competitive market conditions;
the ability to complete potential acquisitions and dispositions on
announced terms; the ability to successfully operate acquired
properties; the availability of cash for debt service and exposure
of risk of default under debt obligations; government regulations
that may affect development, redevelopment and use of properties;
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
risk factors that could 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, 2011, quarterly report on Form 10-Q for the quarter
ended March 31, 2012, 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 assumes 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 it is required to do so in connection with
ongoing requirements under Federal securities laws.
Kilroy Realty (NYSE:KRC)
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Kilroy Realty (NYSE:KRC)
過去 株価チャート
から 7 2023 まで 7 2024