Kilroy Realty Leases 9455 Towne Centre Drive Development
Zacks Investment Research | Dec 17, 2019 07:55AM ET
Kilroy Realty Corporation (NYSE:KRC) has signed a long-term lease with a major technology company at 9455 Towne Centre Drive project (9455 TCD). The tenant will occupy the entire property in the University Towne Centre sub-market of San Diego.
Specifically, the five-story development spans 160,400 square feet of space and is scheduled to complete in mid-2020. Per management, "With the execution of this lease, the office and life science component of our $2.1 billion of development projects under construction is now approximately 90% leased.”
The state-of-the-art project will offer space for office and life-science users. The LEED Platinum building will feature 30,000 square feet, flexible floor plates, 600 parking spaces and floor-to-floor heights of 15-16 feet. Further, it will offer an array of amenities, including resource-efficient sustainable features, collaborative common areas, an indoor and outdoor fitness center, and a roof deck.
San Diego is the hub of technology and life science. Further, the above-mentioned property is in close proximity to major freeways, and the presence of various retail and entertainment options in the neighborhood makes it a strategic location.
In fact, the tech industry continues to be a major tenant of office landlords. Per the outlook, tech tenants accounted for 21.6% of the overall leasing activity in first-half 2019. Furthermore, as of mid-2019, nearly 4,000 tenants were looking for large blocks of office spaces, with tech tenants representing the highest percentage.
Looking ahead, the technical workforce is Zacks Investment Research
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