Kilroy Inks Stripe to 412K-SF Bay Area Deal, Acquires $226M in SoCal Assets

Los Angeles-based Kilroy Realty Corporation (KRC) signed a 12-year, roughly 421,000-square-foot lease with Stripe, Inc. at Kilroy’s Oyster Point in South San Francisco. Phase I of the company’s approximately 656,000-square-foot development is now 100% leased and, with this transaction, the office and life science component of the company’s $2.2 billion of projects under construction is now 81% leased.

KRC acquired the roughly 40-acre, fully-entitled, waterfront site in June of 2018, and started construction on the first of four phases in March 2019. Phase I consists of three state-of-the-art laboratory and office buildings that are situated at the entrance to the 2.5-million-square-foot project and are expected to be completed in the second half of 2021.

KRC’s John Kilroy says, “We fully leased the project just two quarters after commencing construction. This pace speaks to the continued strength we’re seeing across our West Coast markets, where demand remains strong and supply is extremely limited.”

Kilroy Realty also purchased a pair of value-add properties in SoCal for a combined purchase price of roughly $226 million. The assets include the 158,000-square-foot, 100%-leased Blackwelder office in Culver City. The existing campus is situated on a 6.9-acre site at 3101-3243 La Cienega Blvd. that was acquired for $186 million. The second buy was a land site in San Diego’s East Village submarket that encompasses a fully-entitled 2.3-acre land site, a full city block at 1335 Broadway and an adjacent partial city block at 901 Park Blvd. The sites were acquired for $40 million, and Kilroy envisions developing a state-of-the-art mixed-use project.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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