Kilroy Completes $70M Buy of Office Complex

SAN DIEGO-Kilroy Realty Corp. of Los Angeles has acquired three office buildings totaling 190,600 square feet at the four-building Mission City Corporate Center for $52.55 million from L.A.-based MPG Office Trust in a deal that follows Kilroy’s acquisition in March of an 88,795-square-foot building at the Mission City complex for nearly $18 million. Kilroy acquired the 190,600 square feet by assuming the debt on the property, according to public filings by the L.A.-based REIT, which has acquired a number of office buildings throughout California lately.

Although Kilroy took title to the four-building office complex in two separate transactions that closed months apart, MPG accepted the L.A.-based company’s offer to buy the entire Mission City Corporate Center in the first quarter, according to managing director Bob Prendergast of the San Diego office of Jones Lang LaSalle, who was part of a team including Lynn LaChapelle of JLL’s San Diego office and Michael Zietsman of the company’s Los Angeles office who represented MPG on both of the transactions. Prendergast explains that MPG retained JLL to market the entire Mission City Corporate Center, but the sale was split into two transactions because the 88,000-square-foot building that sold in March and the three that Kilroy acquired recently were financed separately.