LOS ANGELES – Kilroy Realty Corp. has revealed its execution of286,000 square feet in new or renewing leases within its stabilizedportfolio, during Q2.

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The company's leasing activity encompassed properties withinnumerous West Coast markets, such as San Diego, Los Angeles and theSan Francisco Bay area.

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The executed leases comprised average rents that were up 11% ona cash basis and 30% on a GAAP basis over the prior leases. Thelease agreements presented an average six-year term and 80% of theagreements were renewals.

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Throughout the first six months of 2020, the company hassuccessfully signed new or renewing leases totaling more than508,000 square feet in its stabilized portfolio, which is currently96% leased.

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Among the company's larger transactions included in the leasingactivity was signing Scripps Health's 119,000-square-foot leaserenewal in San Diego's Del Mar market, which was originallyscheduled to expire in Q2 of 2021. The company additionally reneweda 37,000-square-foot space in Palo Alto with an 11-year term forPerkins Coie.

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With the exclusion of a Q4 expiration in Long Beach in which thecompany is in negotiations for, Kilroy Realty Corp. currently hasno expirations greater than 65,000 square feet within itsstabilized portfolio throughout 2022. Throughout the next threeyears, the portfolio's expirations average 4% per year, down from6% at the beginning of 2020,

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"Notwithstanding the severe business disruptions anduncertainties created by the coronavirus pandemic, we are findingcontinued demand among both existing and prospective tenants forwell-located properties in our West Coast markets," said JohnKilroy, Kilroy Realty chairman and CEO. "These transactions notonly speak to the strength of our portfolio in retaining andattracting high quality tenants, but also support the strength ofour markets. We believe that our young, high quality portfolio,with its focus on flexibility, efficiency and sustainability, willcontinue to attract the dynamic industries that populate our WestCoast markets as their workplace needs continue to evolve."

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.