RANCHO BERNARDO, CA-Los Angeles-based REIT Kilroy Realty Corp. continues its bullish attitude for the local real estate market with another large acquisition and development project in the pipeline. In the latest deal, Kilroy has acquired a 20-acre site along the I-15 corridor that is fully entitled and includes a 303,000-sf multi-use facility.Kilroy paid $24 million for the site. The building is currently occupied and houses office, engineering and manufacturing uses. Kilroy has agreed to keep the tenant, an information technology company, on a one-year lease.At the lease’s expiration, next fall, Kilroy will then begin a major redevelopment of the site. On tap is are plans to develop form 600,000 sf to one million sf of office space over several phases, according to Kilroy officials. The site has entitlements for 1.8 million sf of office and industrial space.This latest buy is another pickup in the area for Kilroy. Earlier this summer, the firm paid $24 million for a fully entitled 11-acre parcel along the newly completed SR-56. On the site, Kilroy plans to develop a 350,000-sf office project known as Santa Fe Summit Phase II. John B. Kilroy Jr., president and CEO of Kilroy Realty Corp., says the projects “continue KRC’s growth in the northern San Diego markets.”The Santa Fe 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.