Kilroy Realty's 9455 Towne Centre Drive Earns LEED Platinum Certification

Kilroy Realty Corporation (NYSE: KRC) today announced that its new 160,000 square foot San Diego office development, 9455 Towne Centre Drive, has earned LEED Platinum certification under the Core & Shell rating system created by the US Green Building...
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Kilroy Realty Corporation (KRC) - Get Report today announced that its new 160,000 square foot San Diego office development, 9455 Towne Centre Drive, has earned LEED Platinum certification under the Core & Shell rating system created by the US Green Building Council. The project exhibits forward-thinking, environmentally-focused design with sustainable elements incorporated into all aspects of the building. It is fully leased to a Fortune 50 publicly-traded technology company and was completed and added to the company's stabilized portfolio in January 2021. 9455 Towne Centre Drive is located in the vibrant University Towne Centre technology and life science hub of San Diego, with connectivity to a wide range of fine and casual dining, fitness studios, and high-end shopping amenities.

KRC has a successful track record of sustainability achievements. GRESB, widely recognized as the most rigorous standard for measuring the sustainability performance of real estate companies and funds, named KRC the global leader on sustainability in both the office and office development sectors in 2020.

"9455 Towne Centre's energy goals were the most advanced in KRC's history," says Jake Brehm, Vice President of Development at KRC. "The LEED Platinum certification shows that when we set ambitious environmental goals and focus on sustainability throughout the entire development process, we achieve tremendous success with our projects."

The project's environmentally-focused design elements include:

  • Large solar array providing over a third of the property's energy consumption
  • 45% water reduction using highly efficient water fixtures
  • Holistic approach to health & wellness including ample daylight, access to views, activated stairwells, mechanical design emphasizing thermal comfort, and low-emitting materials
  • Benchmarking of embodied carbon in construction materials
  • Enhanced commissioning
  • Electric car charging stations

The project was designed by Flad Architects. McParlane created the mechanical, electrical and plumbing design. Swinerton oversaw the construction of the project, and Stok executed the commissioning.

About Kilroy Realty Corporation. Kilroy Realty Corporation (NYSE: KRC, the "company", "KRC") is a leading West Coast landlord and developer, with a major presence in San Diego, Greater Los Angeles, the San Francisco Bay Area, and the Pacific Northwest. The company has earned global recognition for sustainability, building operations, innovation and design. As pioneers and innovators in the creation of a more sustainable real estate industry, the company's approach to modern business environments helps drive creativity, productivity and employee retention for some of the world's leading technology, entertainment, life science and business services companies.

KRC is a publicly traded real estate investment trust ("REIT") and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring and managing office and mixed-use projects.

KRC's stabilized portfolio totals approximately 14.0 million square feet of primarily office and life science space. The company also has 1,000 residential units currently in Hollywood and San Diego. In addition, as of March 31, 2021, KRC had five in-process development projects with an estimated total investment of $1.5 billion, totaling approximately 1.8 million square feet of office and life science space. The office and life science space was 88% leased.

A Leader in Sustainability and Commitment to Corporate Social Responsibility

KRC is listed on the Dow Jones Sustainability World Index and has been recognized by industry organizations around the world. KRC's stabilized portfolio was 67% LEED certified, 41% Fitwel certified, the highest of any non-government organization, and 71% of eligible properties were ENERGY STAR certified as of March 31, 2021.

The company has been recognized by GRESB, the Global Real Estate Sustainability Benchmark, as the listed sustainability leader in the Americas for six of the last seven years. Other honors have included the National Association of Real Estate Investment Trust's (NAREIT) Leader in the Light award for six consecutive years and ENERGY STAR Partner of the Year for eight years as well as ENERGY STAR's highest honor of Sustained Excellence, for the past six years.

A big part of the company's foundation is its commitment to enhancing employee growth, satisfaction and wellness while maintaining a diverse and thriving culture. For the second year in a row, the company has been named to Bloomberg's Gender Equality Index—recognizing companies committed to supporting gender equality through policy development, representation, and transparency.

More information is available at http://www.kilroyrealty.com.

Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants' businesses; our ability to re-lease property at or above current market rates; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers' financial condition and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; our ability to maintain our status as a REIT; and uncertainties regarding the impact of the COVID-19 pandemic, and restrictions intended to prevent its spread, on our business and the economy generally. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2020 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

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