LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) today announced that it has signed a long-term lease with a Fortune 50 publicly-traded company for 100% of 333 Dexter, a 635,000 square foot project located in the South Lake Union submarket of Seattle. 333 Dexter is KRC’s first ground-up development in Seattle and is scheduled for completion in late 2019.
The lease is a testament to KRC’s innovative approach to design. Comprised of two LEED Platinum 12-story towers, 333 Dexter is the ultimate example of regionally-rooted design that fosters inspiration, collaboration and interaction among its tenants and the broader community. Its fully-customizable and scalable spaces, including three stories of large, flexible floor plates, each approximately 60,000 square feet, offer modern technology companies the type of innovative space needed to stay competitive.
Bounded by Dexter Avenue and Highway 99/Aurora Avenue, 333 Dexter is less than 500 yards from Seattle’s iconic Space Needle and has direct access to key regional transportation routes, including the recently opened SR-99. Additionally, 333 Dexter is in close proximity to leading global technology and life science innovators, including the Bill and Melinda Gates Foundation, Amazon.com and UW Medicine.
The lease adds to the significant leasing activity KRC has completed year to date, which totals more than 1.7 million square feet of space. With 333 Dexter now fully leased, the office component of the company’s five development projects under construction is now just under 60% leased and approximately 90% leased, excluding the two life science projects that commenced last quarter. The declining availability of space and rapid execution of leases underscore the dynamics of strong-growth companies continuing to cluster and expand in innovative centers adjacent to transportation and amenities.
About Kilroy Realty Corporation. Kilroy Realty Corporation (KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the West Coast’s premier landlords. The company has over 70 years of experience developing, acquiring and managing office and mixed-use real estate assets. The company provides physical work environments that foster creativity and productivity and serves a broad roster of dynamic, innovation-driven tenants, including technology, entertainment, digital media and health care companies.
At March 31, 2019, the company’s stabilized portfolio totaled approximately 13.2 million square feet of office space located in the coastal regions of Los Angeles, Orange County, San Diego, the San Francisco Bay Area and Greater Seattle and 200 residential units located in the Hollywood submarket of Los Angeles. The stabilized portfolio was 92.5% occupied and 96.2% leased. In addition, KRC had under construction five projects totaling approximately 2.1 million square feet of office space that was 26% leased and 801 residential units. KRC also had three projects in the tenant improvement phase totaling approximately 1.2 million square feet of office, PDR and retail space of which the office components of the projects are fully leased to Adobe and Dropbox.
The company’s commitment and leadership position in sustainability has been recognized by various industry groups across the world. In September 2018, the company was recognized by GRESB both as North American leader across all asset classes and a global leader among all publicly traded real estate companies. Other sustainability accolades include NAREIT’s Leader in the Light award for the past five years, the EPA’s highest honor of Sustained Excellence and winner of ENERGY STAR Partner of the Year for the past six years. The company is listed in the Dow Jones Sustainability World Index. At the end of the first quarter, the company’s stabilized portfolio was 63% LEED certified and 76% of eligible properties were ENERGY STAR certified. More information is available at http://www.kilroyrealty.com.
