{"id":1004052032,"date":"2012-08-13T08:01:05","date_gmt":"2012-08-13T16:01:05","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=62198"},"modified":"2022-12-08T18:20:53","modified_gmt":"2022-12-09T02:20:53","slug":"kilroy-acquires-yet-another-value-add-office-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/","title":{"rendered":"Kilroy Acquires Yet Another Value-Add Office Property"},"content":{"rendered":"<p>By Alex Girda, Associate Editor<\/p>\n<p>Kilroy Realty Corporation recently expanded its Los Angeles office portfolio with the acquisition of a 22-story office building centrally located in Hollywood. The property stands at 6255 Sunset Boulevard, just off the well-known corner of Sunset and Vine, in an area that has seen its fair share of retail and residential investment during the past couple of years. Kilroy reportedly paid a fee of around $79 million for the Sunset Media Center, making the purchase part of an aggressive West Coast expansion campaign.<\/p>\n<p>The 22-story, class A office tower offers 320,000 square feet of office space in the booming Hollywood submarket, allowing tenants easy access to the Metro Rail Red transit line and numerous area amenities. Currently leased at an occupancy rate of approximately 87 percent, the Sunset Media Center provided Kilroy Realty Corp. with one of the best value-add opportunities in the area. The new owner reportedly has the intention to execute extensive renovations of the building\u2019s lobby, common areas and tenant spaces.<\/p>\n<p>Being part of a submarket that has limited expansion potential for its office stock, investors like Kilroy aim to enhance the existing property\u2019s value through \u201cwell-targeted improvements to the building\u2019s aesthetics, amenities and energy efficiency,\u201d said David Simon in a recent press statement. According to KRC\u2019s executive vice president for the Los Angeles region, the property was attractive because it \u201cis located in the heart of an increasingly desirable \u2018live, work, and play\u2019 submarket.\u201d<\/p>\n<p>As part of the financial terms of the acquisition deal, Kilroy Realty assumed a secured mortgage loan of approximately $54 million that bears interest at a rate of 5.23 percent and matures on January 1, 2016. The company also issued approximately $5 million in common limited partnership units of Kilroy Realty, LP.<\/p>\n<p>The total fee that KRC paid for <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/losof.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-62200\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/losof.jpg\" alt=\"\" width=\"300\" height=\"295\" \/><\/a>Sunset Media Center means a per-square-foot price of about $246, well above the median rate office properties traded for in Los Angeles in 2011, as the chart suggests. However, the property\u2019s central placement in one of the city\u2019s most sought-after areas should be indicative of the premium the buyer paid for the office building, when compared to median values.<\/p>\n<p>Chart courtesy of <em>marcusmillichap.com\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Alex Girda, Associate Editor Kilroy Realty Corporation recently expanded its Los Angeles office portfolio with the acquisition of a 22-story office building centrally located in Hollywood. The property stands at 6255 Sunset Boulevard, just off the well-known corner of &#8230; <a href=\"https:\/\/synd.yardi.com\/geography\/national\/kilroy-acquires-yet-another-value-add-office-property\/\">Continue reading <span>&#8594;<\/span><\/a><\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742,21747],"tags":[],"class_list":["post-1004052032","post","type-post","status-publish","format-standard","hentry","category-los-angeles","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Kilroy Acquires Yet Another Value-Add Office Property - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kilroy Acquires Yet Another Value-Add Office Property\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor Kilroy Realty Corporation recently expanded its Los Angeles office portfolio with the acquisition of a 22-story office building centrally located in Hollywood. The property stands at 6255 Sunset Boulevard, just off the well-known corner of &#8230; Continue reading &#8594;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-08-13T16:01:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:20:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/losof.jpg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Kilroy Acquires Yet Another Value-Add Office Property\",\"datePublished\":\"2012-08-13T16:01:05+00:00\",\"dateModified\":\"2022-12-09T02:20:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/\"},\"wordCount\":368,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/08\\\/losof.jpg\",\"articleSection\":[\"Los Angeles\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/\",\"name\":\"Kilroy Acquires Yet Another Value-Add Office Property - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/08\\\/losof.jpg\",\"datePublished\":\"2012-08-13T16:01:05+00:00\",\"dateModified\":\"2022-12-09T02:20:53+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/#primaryimage\",\"url\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/08\\\/losof.jpg\",\"contentUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/08\\\/losof.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kilroy-acquires-yet-another-value-add-office-property\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Kilroy Acquires Yet Another Value-Add Office Property\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\",\"name\":\"Anca Gagiuc\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g\",\"caption\":\"Anca Gagiuc\"},\"description\":\"Anca Gagiuc brings more than a decade of experience within the real estate industry. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly multifamily reports at Yardi Matrix. Contact Anca at anca.gagiuc@cpe-mhn.com\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/anca-gagiuc\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Kilroy Acquires Yet Another Value-Add Office Property - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/","og_locale":"en_US","og_type":"article","og_title":"Kilroy Acquires Yet Another Value-Add Office Property","og_description":"By Alex Girda, Associate Editor Kilroy Realty Corporation recently expanded its Los Angeles office portfolio with the acquisition of a 22-story office building centrally located in Hollywood. The property stands at 6255 Sunset Boulevard, just off the well-known corner of &#8230; Continue reading &#8594;","og_url":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2012-08-13T16:01:05+00:00","article_modified_time":"2022-12-09T02:20:53+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/losof.jpg","type":"","width":"","height":""}],"author":"Anca Gagiuc","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/"},"author":{"name":"Anca Gagiuc","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7"},"headline":"Kilroy Acquires Yet Another Value-Add Office Property","datePublished":"2012-08-13T16:01:05+00:00","dateModified":"2022-12-09T02:20:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/"},"wordCount":368,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/losof.jpg","articleSection":["Los Angeles","News","Office"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/","url":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/","name":"Kilroy Acquires Yet Another Value-Add Office Property - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/losof.jpg","datePublished":"2012-08-13T16:01:05+00:00","dateModified":"2022-12-09T02:20:53+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/losof.jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/losof.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/kilroy-acquires-yet-another-value-add-office-property\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Kilroy Acquires Yet Another Value-Add Office Property"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7","name":"Anca Gagiuc","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g","caption":"Anca Gagiuc"},"description":"Anca Gagiuc brings more than a decade of experience within the real estate industry. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly multifamily reports at Yardi Matrix. Contact Anca at anca.gagiuc@cpe-mhn.com","url":"https:\/\/www.commercialsearch.com\/news\/author\/anca-gagiuc\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004052032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/237"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004052032"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004052032\/revisions"}],"predecessor-version":[{"id":1004626310,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004052032\/revisions\/1004626310"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004052032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004052032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004052032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}