By Randyl Drummer
Kilroy Realty Corp. has started construction of a 700,000-square-foot, $485 million project in the Mission Bay submarket consisting of two six-story and two 12-story office and life science buildings.
The Exchange on 16th’s four interconnected buildings will align to provide three “super floors” of up to 95,000 square feet. Kilroy is targeting LEED platinum certification for the building, which includes floor plates with high ceilings, natural light and views of the bay.
The company did not disclose a completion date for the speculative office project. With The Exchange underway, Kilroy now has four projects encompassing more than 1.6 million square feet of space of construction with a total estimated investment of $1.1 billion in progress in the Bay Area. The other projects are 100% leased to Salesforce.com, Box, Inc. and Dropbox. Kilroy has 3.9 million square feet of properties in the region.
Kilroy’s portfolio at midyear totaled 13.1 million square feet of office properties, located in greater Seattle, the San Francisco Bay Area, Los Angeles, Orange County and San Diego. The company also has 2.4 million square feet of office and mixed-use development under construction with a total value of roughly $1.5 billion.