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Largest Project in San Francisco Certified at the Gold Level
Kilroy Realty Corporation (NYSE: KRC) announced today that its four-building, 750,000 square foot office project, The Exchange on Sixteenth, has earned WELL Core & Shell Certification at the Gold level by the International WELL Building Institute (IWBI). As part of this certification, health and wellness elements were incorporated into all aspects of the building design, including enhanced air and water quality, elements promoting physical fitness, and the incorporation of natural and artistic features.
The Exchange on Sixteenth is not only the largest WELL Certified project in San Francisco but also the first project to earn WELL Core & Shell Certification in San Francisco. Further, it is the second project in the state of California to achieve WELL Core & Shell Certification.
KRC has a successful track record of achievements in the design and operation of healthy buildings. Columbia Square Living, the residential component of KRC’s 650,000 square foot, mixed-use Columbia Square project in Hollywood, was the first residential rental project in the world to earn WELL certification. Additionally, KRC is a two-time winner of the Center for Active Design’s Best in Building Health awards in the Impact category for having the most Fitwel-certified buildings of any company.
"The Exchange incorporated a strong focus on health from the very beginning," says Warren Forster, Senior Project Manager at KRC. "The WELL certification demonstrates that we were able to realize our ambitious goals around health and wellness, which required extensive collaboration from design through construction and operations."
"Our buildings, and everything in them, play a critical role in safeguarding our health and wellness," said IWBI CEO and Chairman Rick Fedrizzi. "By achieving WELL Core & Shell Certification, KRC has demonstrated an outstanding commitment to ground up design that makes it easier for the organizations that work inside to also make wellness a priority."
The Exchange on Sixteenth exhibits forward-thinking health-focused design that includes the following features:
Extensive green roofs
Enhanced air quality
Mechanical design emphasizing thermal comfort
Large onsite bicycle amenity
The project was designed by Rios Clementi Hale Studios with Flad Architects providing executive architecture services. Marelich created the mechanical, electrical and plumbing design. Hathaway Dinwiddie oversaw the construction of the project, Stok executed the commissioning and A Sustainable Production coordinated the WELL certification process.
About Kilroy Realty Corporation. Kilroy Realty Corporation (NYSE: KRC, the "company", "KRC") is a leading West Coast landlord and developer, with a major presence in San Diego, Greater Los Angeles, the San Francisco Bay Area, and the Pacific Northwest. 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, productivity and employee retention for some of the world’s leading technology, entertainment, life science and business services companies.
KRC is a publicly traded real estate investment trust ("REIT") and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring and managing office and mixed-use projects.
As of June 30, 2020, KRC’s stabilized portfolio totaled approximately 14.3 million square feet of primarily office and life science space that was 92.3% occupied and 96.0% leased. The company also had 200 residential units in Hollywood that had a quarterly average occupancy of 85.0% and another 462 residential units in San Diego that were in lease-up. In addition, KRC had eight in-process development projects with an estimated total investment of $2.0 billion, totaling approximately 2.3 million square feet of office and life science space, and 339 residential units. The office and life science space was 90% leased.
A Leader in Sustainability and Commitment to Corporate Social Responsibility
KRC is listed on the Dow Jones Sustainability World Index and has been recognized by industry organizations around the world. KRC’s stabilized portfolio was 66% LEED certified and 43% Fitwel certified as of June 30, 2020.
The company has been recognized by GRESB, the Global Real Estate Sustainability Benchmark, as the sustainability leader in the Americas for six consecutive years. Other honors have included the National Association of Real Estate Investment Trust’s (NAREIT) Leader in the Light award for six consecutive years and ENERGY STAR Partner of the Year for seven years as well as ENERGY STAR’s highest honor of Sustained Excellence, for the past five years.
A big part of the company’s foundation is its commitment to enhancing employee growth, satisfaction and wellness while maintaining a diverse and thriving culture. The company was named to Bloomberg’s 2020 Gender Equality Index—recognizing companies committed to supporting gender equality through policy development, representation, and transparency.
More information is available at http://www.kilroyrealty.com.
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses; our ability to re-lease property at or above current market rates; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers’ financial condition and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; our ability to maintain our status as a REIT; and uncertainties regarding the impact of the COVID-19 pandemic, and restrictions intended to prevent its spread, on our business and the economy generally. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption "Risk Factors" in our quarterly report on Form 10-Q for the period ending June 30, 2020 and in our annual report on Form 10-K for the year ended December 31, 2019 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
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