Kilroy Realty Signs 890K SF Of Leases In First Four Months Of This Year
Kilroy Realty Corp. has signed 890K SF of new or renewed leases in the first four months of this year. Leases include properties in LA, Seattle, San Diego and San Francisco.
The rents on all the leases were up 19% on a cash basis, the company reports. All the activity plus leases signed in 2016 means lease expirations for this year have been reduced from 757K SF to around 355K SF, adding up to less than 3%.
Among the leases were:
- LA's Riot Games more than doubled its space at the Westside Media Center on Olympic Boulevard in LA.
- Expedia renewed its 112K SF lease in Skyline Tower in Bellevue, Washington.
- App/Dynamics (recently bought by Cisco) renewed and expanded its lease for nearly 150K SF at 303 Second St. in San Francisco.
- In San Diego, several leases were signed, totaling 157K SF across several projects.
A total of 747K SF of leases were signed by the end of Q1, with rents up 15% on a cash basis. At the end of the quarter, the company's portfolio included 14.4M SF of office space and 200 residential units in LA, the San Francisco Bay Area, San Diego, Orange County and Greater Seattle. The company also had 1.2M SF of office, 237 residential units and 96K SF of retail under construction during the quarter.