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Accredited Home Lenders Signs Nearly 180,000-SF Lease

RANCHO BERNARDO, CA-The space will serve as the lender's corporate headquarters. Kilroy Realty Corp. will develop the property at its Innovation Corporate Center, located along the I-15 corridor.

By Daniel D. Williams | Updated on June 16, 2005

RANCHO BERNARDO, CA-Leasing activity has been strong so far this year within Kilroy Realty Corp.’s office portfolio. Earlier this year, the San Diego-based REIT inked a long-term corporate headquarter deal with software giant Intuit Inc. Now, Kilroy has signed Accredited Home Lenders to a corporate headquarters deal of its own.In the lease agreement, Accredited will take a total of 178,000 sf of corporate space in buildings that are under construction at Kilroy’s Innovation Corporate Center. In the deal, Accredited signed on for 10.5 years and will take 103,000 sf of space in two buildings beginning in December. Accredited will also lease 75,000 sf in a third building in a 9.5-year lease. Construction on the third building will begin in January 2006, with Accredited assuming the tenancy in December 2006. Although financial terms were not released, the deal is estimated at more than $50 million.”This lease continues to demonstrate the strength of the I-15 Corridor in San Diego and its popularity among corporate headquarters tenants,” says John B. Kilroy Jr., KRC’s president and chief executive officer. Upon completion of the three new buildings, Kilroy’s master-planned Innovation Corporate Center will count eight buildings and 468,000 sf. The office campus is 100% leased and includes entitlements for another 80,000-sf building. Current tenants at the site include i2 Technologies, Broadcom, Anacomp, and Northrop Grumman, which occupies some 289,000 sf in three buildings.As reported earlier this year by Globest.com, Intuit Inc. signed a 10-year lease for 365,000 sf at Kilroy’s Santa Fe Summit, a master-planned, four-building, 466,000-sf office campus, being developed along SR-56. Intuit will lease three of the four buildings and will take occupancy in the fall of 2007.

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