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SAN DIEGO-It’s been a busy first half of the year for locally based REIT Kilroy Realty Corp. The firm has been active acquiring land for development, with the latest transaction being the acquisition of a fully entitled 11-acre parcel along the newly completed SR-56. Kilroy paid $24 million for the land and plans to develop Santa Fe Summit Phase II on the site. The office project will count 350,000 sf. “The Santa Fe Summit Phase II acquisition continues the growth of KRC’s leading development franchise in the northern San Diego office markets,” says John B. Kilroy Jr., president and CEO ofKilroy Realty Corp.The project will be adjacent to Kilroy’s Santa Fe Summit Phase I, which is currently being planned and will count 466,000 sf of office space in four, four-story buildings when complete. Phase I is 78% preleased to Intuit Inc. Earlier this year, the maker of business applications such as Quicken and TurboTax, agreed to a 10-year, 365,000-sf lease at the office campus. As part of the agreement, Intuit will lease three of the four buildings being planned for the office campus. Construction will begin on the project this summer, with Intuit taking occupancy in fall of 2007. The company will be consolidating its local operations from 212,000 sf and two buildings at Governor Park. With the development of Santa Fe Summit’s two phases, KRC’s San Diego portfolio will top four million sf of office space, with more than 1.7 million sf along SR-56. The company has entitlements for another 143,000 sf, in addition to its planned space at Santa Fe Summit.

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