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Kilroy Kicks Off Phase III of Innovation Corporate Center

SAN DIEGO-This phase of the corporate office campus, which is currently slated for completion in the third quarter of 2005, will be comprised of two facilities encompassing a total of 103,272 sf. Developer Kilroy Realty Corp. plans to invest $23 million into the development of phase III.

By Erin Cassin | Updated on July 13, 2004

SAN DIEGO-With the first two phases of Innovation Corporate Center completed, developer Kilroy Realty Corp. has kicked off construction on the next stage of the corporate office project that is rising in the Carmel Mountain Ranch area of north San Diego County. Kilroy plans to invest $23 million into this third phase, which is scheduled for build-out in the third quarter of 2005, according to Tyler H. Rose, the firm’s treasurer and senior vice president. Slated to encompass a total of 103,272 sf, phase III will include a pair of facilities that will each stand two stories high. The smaller of the two buildings will span 37,405 sf, while the other facility will encompass 65,867 sf. The buildings have been designed to accommodate either a single user or multiple tenants, with Kilroy planning to attract a varied group of occupants to the new facilities, according to Rose. “The economy in that submarket is fairly diverse,” he explains, telling GlobeSt.com that possible tenants include firms dealing in technology, financial services or defense. Once the third phase of Innovation Corporate Center is complete, only one more stage of development will remain. The four-phase complex will house a total of 500,000 sf upon final build-out. Already, the first three buildings to be constructed here are 100% leased. Encompassing a total of 289,000 sf, they are occupied by i2 Technologies, Broadcom, Anacomp and Northrop Grumman.Reno Contracting is building the third phase of Innovation Corporate Center, which is located on a parcel bordered by Innovation Drive, Avenue of Science and Rancho Carmel Drive. Pacific Cornerstone is the project architect and the CB Richard Ellis duo of Chris Pascale and Rick Sparks is the brokerage team handling the listing.

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