Kilroy Realty Signs Lease with Netflix for 100 Percent of the Commercial Office Space at Academy on Vine
2018年11月13日 - 11:15PM
ビジネスワイヤ(英語)
Netflix Leases 355,000 Square Feet of Space
At The Mixed-Use Complex
Kilroy Realty Corporation (NYSE: KRC) today announced
that Netflix, the world’s leading internet entertainment service,
has signed a long term lease for approximately 355,000 square feet
at the company’s Academy on Vine project in Hollywood. The
mixed-use project is comprised of an office component, currently
under construction, and a 193-unit residential building, which the
company plans to start construction on later this year. The lease
is expected to commence in phases upon construction completion of
the office component starting in mid-2020.
Academy on Vine sits on a 3.5 acre, full-city block that was
acquired from The Academy of Motion Pictures Arts and Sciences in
2013. The project will include three cutting-edge creative office
buildings and a 20-story residential tower. The buildings will
feature large, flexible floor plates and Academy on Vine is
expected to receive LEED Gold certification. It will also encompass
large public gathering areas that will feature public art.
“We are excited to have forged a partnership with Netflix which
has leased all of the office buildings at Academy on Vine, a site
rich with history and a legacy of advancing the arts and sciences
of motion pictures. On behalf of the team, we are thrilled to
welcome Netflix to the Kilroy community,” said Delmar Nehrenberg,
KRC’s Senior Vice President, Los Angeles.
“Our expansion into the Academy on Vine property further deepens
our connection with the Los Angeles and Hollywood communities,”
said David Wells, Chief Financial Officer, Netflix. “We’re excited
to continue to grow our team right in the heart of Hollywood.”
Kilroy Realty entered the Hollywood market in 2012 with its
initial acquisition of 6255 Sunset, which was extensively remodeled
and renamed Sunset Media Center. The company has further grown its
footprint, through the development of two world-class mixed-use
projects, Columbia Square and Academy on Vine. Together with its
many other Los Angeles properties, KRC has assembled a media
portfolio consisting of Westside Media Center, Tribeca West, Santa
Monica Media Center, and DirecTV’s global headquarters totaling
approximately three and a half million square feet, catering to
KRC’s expanding roster of entertainment-oriented tenants,
generating marketing synergies for the company across the
region.
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 September 30, 2018, the company’s stabilized portfolio
totaled approximately 13.9 million square feet of office space
located in the coastal regions of Los Angeles, Orange County, San
Diego, the San Francisco Bay Area and Greater Seattle and 200
residential units located in the Hollywood submarket of Los
Angeles. In addition, KRC had three projects under construction
totaling approximately 1.0 million square feet of office space, 608
residential units and 120,000 square feet of retail space as well
as two projects in the tenant improvement phase totaling
approximately 1.2 million square feet of office and PDR space. The
office components of the two projects are fully leased to Adobe and
Dropbox.
The company’s commitment and leadership position in
sustainability has been recognized by various industry groups
across the world. In September 2018, the company was recognized by
GRESB both as North American leader across all asset classes and
global world leader among all publicly traded real estate
companies. Other sustainability accolades include NAREIT’s Leader
in the Light award for the past four years, the EPA’s highest honor
of Sustained Excellence and winner of Energy Star Partner of the
Year for the past five years. The company is listed in the Dow
Jones Sustainability World Index. At the end of the third quarter,
the company’s stabilized portfolio was 59% LEED certified and 77%
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
re-lease 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, as
well as business and consumer reactions to such changes; 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, 2017 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181113005357/en/
Kilroy Realty CorporationTyler H. Rose, (310) 481-8484Executive
Vice President and Chief Financial OfficerorMichelle Ngo, (310)
481-8581Senior Vice President and Treasurer
Kilroy Realty (NYSE:KRC)
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