Kilroy Realty Makes Northern California Office BuyFriday, March 2, 2012
Kilroy Realty Corp. has acquired a tech business office complex in the Silicon Valley city of Menlo Park for more than $162 million.
The West Los Angeles real estate investment trust, which has been accumulating properties in Northern California, said the seven buildings of Menlo Corporate Center are 79 percent leased. Tenants in the 374,000-square-foot complex include Lucile Packard Children’s Hospital, ETrade Financial Corp. and Allstate Corp.
“We see strong fundamentals in the Silicon Valley and Peninsula office markets, and will continue to pursue opportunities that make strategic and economic sense for the company,” said Mike Sanford, Kilroy’s senior vice president for Northern California, in the statement.
Kilroy owns about 2.6 million square feet in the Bay Area and since 2010 has spent $877 million to acquire eight properties there. The company’s total portfolio of 11.4 million square feet of office and 3.4 million square feet of industrial space is mainly in Southern California but stretches to Seattle.
Shares closed down 16 cents, or less than 1 percent, to $44.51 on the New York Stock Exchange.