Kilroy Realty Announces Acquisition of Strategic Austin Development Site and the Appointment of Fernando Urrutia as SVP, Leasing, Austin

Kilroy Realty Corporation (NYSE: KRC, "Kilroy") announced today that North America’s leader in sustainable real estate has further expanded its Austin, TX portfolio with the off-market acquisition of a 2.9-acre development site in Austin’s Domain submarket. The site is fully entitled for approximately 493,000 square feet of new Class A office development. The transaction represents the company’s ongoing expansion within the Austin market, following last year’s purchase of Indeed Tower.

The site is located near the intersection of Burnett & Braker and is adjacent to numerous amenities, including Austin’s Q2 MLS Stadium, the Domain Mall, and the future McKalla light rail stop which will connect from Northwest Austin through Downtown. The Domain office submarket has long been one of Austin’s most coveted locations for the world’s most innovative companies including Amazon, Meta, Indeed and Expedia. Class A vacancy in this submarket is approximately 1%.

The company acquired the site for a gross purchase price of $40 million. Entitlements have been fully secured and construction could commence as soon as mid-2022, with delivery occurring in 2024. Upon completion, the company will own approximately 1.2 million square feet in Austin.

Also, the company announced that Fernando Urrutia has joined Kilroy, effective March 7, 2022, as Senior Vice President, Leasing for the Austin region where he will oversee Kilroy’s leasing activity and assist in growing the local portfolio. Mr. Urrutia joins Kilroy after 11 years with Lionstone Investments where he covered Austin and other markets in Texas. He had several roles at Lionstone across acquisitions, leasing, and asset management. Most recently he served as Vice President of Acquisitions for the Texas region.

John Kilroy, the company’s Chairman and CEO, stated, “We are thrilled to make another off-market acquisition in Austin and bring a world class development project to the Domain. We are also pleased to be able to add a seasoned professional like Fernando and we are confident that his relationships and expertise will drive additional growth for Kilroy in the region.”

About Kilroy Realty Corporation

Kilroy Realty Corporation (NYSE: KRC, the “company”, “Kilroy”) is a leading U.S. landlord and developer, with operations in San Diego, Greater Los Angeles, the San Francisco Bay Area, the Pacific Northwest and Austin, Texas. 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 and productivity for some of the world’s leading technology, entertainment, life science and business services companies.