LOS ANGELES–(BUSINESS WIRE)–Kilroy Realty Corporation today announced it signed approximately 223,000 square feet of new or renewing leases in its stabilized and development portfolio in October. Average rents in the recently executed leases were up approximately 18.5% on a cash basis and 45.5% on a GAAP basis over the prior leases. Year to date, KRC has signed new or renewing leases on over 785,000 square feet in its stabilized and development portfolio, of which over 355,000 square feet was signed in the third quarter and October. The stabilized portfolio is currently 93% leased.
Some highlights from October leasing include:
An 11-year lease with a global consulting firm for 28,000 square feet of office space in our recently developed 2100 Kettner project, a LEED Platinum office building totaling approximately 205,000 square feet in San Diego’s vibrant Little Italy submarket.
A 10-year renewal with a scientific research and development services firm, for 70,000 square feet of space at Kilroy Centre Del Mar, a five-building campus located in San Diego’s coastal Del Mar submarket.
A 15-year lease with Page, a national full-service design firm, for 51,000 square feet of office space at Indeed Tower in Austin. Indeed Tower, acquired in 2021, is a LEED Platinum, 36-story office project totaling approximately 734,000 square feet in the heart of Austin’s central business district. The project is in the tenant improvement phase and is expected to stabilize in early 2024.
Fernando Urrutia, the company’s Senior Vice President, Leasing for the Austin region, stated, “We are thrilled to have Page join the roster at Indeed Tower. Page was the architect for the building, and their decision to conduct business at Indeed Tower is a testament to the excellence of the project.”
About Kilroy Realty Corporation
Kilroy Realty Corporation (NYSE: KRC, the “company”, “Kilroy”) is a leading U.S. landlord and developer, with operations in San Diego, Greater Los Angeles, the San Francisco Bay Area, the Pacific Northwest and Austin, Texas. The company has earned global recognition for sustainability, building operations, innovation and design. As pioneers and innovators in the creation of a more sustainable real estate industry, the company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, entertainment, life science and business services companies.
