Kilroy Realty Corp. completed two acquisitions for a combined $226 million.
The company bought the fully leased, 158,000-square-foot Blackwelder office campus in Los Angeles' Culver City submarket for $186 million. The campus has 19 one-story and two two-story buildings across a 6.9-acre site at 3101-3243 La Cienega Blvd. Kilroy plans to redevelop the campus over time to increase its square footage.
In downtown San Diego's East Village submarket, Kilroy acquired 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. for $40 million. The site is zoned for a mixed-use project. The acquisition also includes three existing buildings leased to the previous owner through mid-2021.
Kilroy also said it signed a 12-year lease with Stripe Inc. for roughly 421,000 square feet at Phase I of its roughly 656,000-square-foot Kilroy Oyster Point project in South San Francisco. The phase is now fully leased. Construction on Phase I commenced in March and completion is expected in the second half of 2021.