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Kilroy Disposes $309M in Office Assets

LOS ANGELES—The developer is carrying out its business plan to recycle capital back into the company with the disposal of ten office properties located in West Coast markets.

By Kelsi Maree Borland | Updated on May 01, 2015

LOS ANGELES—Kilroy Realty is disposing of ten West Coast office assets totaling $309.2 million. The disposal is part of the company’s capital recycling strategy in which it disposes of properties and uses the proceeds to fund its office development and acquisition objectives on the West Coast. The properties are located in San Diego and Washington.

Currently, Kilroy has completed escrow of four office properties totaling $146 million. The properties closed escrow in mid April. They included 10770 Wateridge Circle and 6200 and 6220 Greenwich Drive in San Diego, a total proceeds of $95 million, and 15050 NE 36th Street in Redmond, Washington, for $51.2 million in proceeds. The second tranche of properties will close escrow in the second quarter of 2015. Those properties total $163 million, and include 6260, 6290, 6310, 6340, and 6350 Sequence Drive and 4921 Directors Place in San Diego. All 10 properties have a total of one million square feet and an average occupancy of 84%.

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