Kilroy Realty Breaks Ground on The Exchange on 16th in the Mission Bay Submarket of San Francisco
September 03 2015 - 4:27PM
Business Wire
The Exchange on 16th:
Where Work Meets Life
Kilroy Realty Corporation (NYSE: KRC) launched its third
San Francisco ground-up development project yesterday with a
ground-breaking ceremony that featured Mayor Ed Lee and Tiffany
Bohee, Executive Director, Office of Community Investment and
Infrastructure. KRC Chairman, President and CEO John Kilroy hosted
the event, which included brokers riding a fleet of red bicycles to
highlight the alternative transportation-centric community, a key
element behind the distinctive LEED Platinum-targeted, 700,000
square foot contemporary project.
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The Exchange on 16th, San Francisco, CA
(Photo: Business Wire)
Incorporating eclectic elements of the surrounding environment,
The Exchange on 16th, designed by architect firm Rios Clementi Hale
Design Studios, consists of two six-story and two 12-story
buildings located in the vibrant and lively submarket of Mission
Bay in San Francisco. The approximate $485 million project appeals
to a diverse range of users, including both office and life science
tenants, and offers open, efficiently designed floor plates with
high ceilings, abundant natural light and views of San Francisco
Bay. The four inter-connected buildings uniquely align to provide
three floors of up to 95,000 square foot, horizontal super floors.
The Exchange includes inspiring and abundant collaborative outdoor
spaces, including two large and dynamic public lobbies, roof-top
gardens and lush landscaping. The project also combines an array of
amenities designed to make mobility an integral part of the work
day, including a lobby bike spa and approximately 15,000 square
feet of retail space.
“The Exchange is a project about creative workspace for the
modern technological age. With easy freeway access, ample public
transportation and numerous residential and retail options within
walking or cycling distance, The Exchange sits at the intersection
of high-tech industry and dynamic locale,” said John Kilroy, KRC’s
chairman, president and CEO.
With The Exchange on 16th now underway, KRC has four projects
encompassing more than 1.6 million square feet of space, with a
total estimated investment of $1.1 billion, under construction in
the San Francisco Bay Area. The other three projects are 100%
leased to Salesforce.com, Box, Inc. and Dropbox. The Company has
3.9 million square feet of operating properties in the San
Francisco Bay Area.
About Kilroy Realty Corporation. With more than 65 years’
experience owning, developing, acquiring and managing real estate
assets in West Coast real estate markets, Kilroy Realty Corporation
(KRC), a publicly traded real estate investment trust and member of
the S&P MidCap 400 Index, is one of the region’s premier
landlords. 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 June 30, 2015, the company’s stabilized portfolio
totaled 13.1 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. The
company is recognized by GRESB as the North American leader in
sustainability and was ranked first among 155 North American
participants across all asset types. At the end of the second
quarter, the company’s properties were 45% LEED certified and 60%
of eligible properties were ENERGY STAR certified. In addition, KRC
had approximately 2.4 million square feet of office and
mixed-use development under construction with a total estimated
investment of approximately $1.5 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, 2014 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.
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Kilroy Realty CorporationMike L. SanfordExecutive Vice
President, Northern California(415) 778-5678 office(650) 888-2228
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