Kilroy Realty Corporation Acquires Hollywood Development Site for Planned Mixed-Use Media Campus
2014年1月31日 - 6:20AM
ビジネスワイヤ(英語)
Kilroy Realty Corporation (NYSE: KRC) announced today
that it has acquired from The Academy of Motion Pictures Arts and
Sciences (AMPAS), in an off-market transaction, an approximate
four-acre parcel near the intersection of Sunset Boulevard and Vine
Street in Hollywood, CA for $46 million.
Encompassing a full city block, the Academy site, which was
originally intended for the Academy Museum of Motion Pictures, is
one of the few remaining mixed-use development sites that exist
today in Hollywood. The site is also located just two blocks from
the Red Line Metro stop, the subway line that runs between Downtown
Los Angeles and Hollywood. The company plans to seek approval and
obtain entitlements to develop a creative media mixed-use campus
that will include approximately 475,000 square feet of low- and
mid-rise office space, apartments and retail space with a total
investment between $250 million and $300 million. With a limited
supply of quality state of the art mixed-use development in
Hollywood, the Academy site will allow the company to further
develop an inventory of cutting-edge product highly focused on the
entertainment, media and technology user base.
Shimoda Design Group whose award-winning work includes the
renovation of 6565 Sunset Boulevard in Hollywood and the Rolex
Building in Beverly Hills will design the project under the
direction of executive architect House Robertson.
Currently located on the site are several vacant industrial type
buildings and a landscaped open space created by AMPAS in the
summer of 2012 for public movie screenings. The site is expected to
generate revenue from the existing buildings through short term
leases and excess parking and the improved grounds will be used for
special events, film and commercial shoots. Entitlements are
anticipated to take 18 to 24 months.
In 2013, the company commenced construction on its $390 million
Columbia Square project, a planned 675,000 square-foot mixed use
campus located at 6121 Sunset Boulevard, the former site of CBS Los
Angeles’ television and radio operations. Kilroy Realty is also
undertaking a multi-million dollar renovation of Sunset Media
Center, a 22-story, 322,000 square foot office complex located at
6255 Sunset Boulevard that will be completed in the first
quarter.
“Hollywood will always be the entertainment capital of the
world, yet for it to continue to attract and retain production,
digital media and technology companies, we need to create
environments that the modern work force wants and needs,” said
David Simon, KRC’s executive vice president. “The supply of
efficient and memorable office space in Hollywood is arguably in
short supply and our projects are designed to meet the demand.
Sunset Media Center is a prime example. Less than eighteen months
from its purchase and a month away from completion of renovation,
we have benefited from rents almost 30% above our initial proforma.
This bodes very well for the Academy and Columbia Square.”
About Kilroy Realty Corporation. With more than 65 years
of experience owning, developing, acquiring and managing commercial
properties in West Coast real estate markets; publicly traded real
estate investment trust Kilroy Realty Corporation (KRC), a member
of the S&P MidCap 400 Index, is one of the region’s premier
landlords. The company provides physical work environments that can
advance creativity and productivity to serve a roster of dynamic,
innovation-driven tenants that includes technology, entertainment,
digital media and health care companies. At September 30, 2013, the
company’s stabilized portfolio totaled 12.5 million square feet of
office properties, all located in the coastal regions of greater
Seattle, the San Francisco Bay Area, Los Angeles, Orange County,
and San Diego. In addition, KRC has approximately 1.9 million
square feet of new office development under construction with a
total estimated investment of approximately $1.1 billion. 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.
Kilroy Realty CorporationTyler H. RoseExecutive Vice President
and Chief Financial Officer(310) 481-8484orDavid SimonExecutive
Vice President(310) 481-8418
Kilroy Realty (NYSE:KRC)
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