Los Angeles based Kilroy Realty Corp. has completed the disposition of 2211 Michelson located in the Irvine submarket of Orange County for gross proceeds of approximately $116 million. 2211 Michelson was the company’s only building in Orange County and this disposition, along with the sale of 2829 Townsgate in March, completes the company’s 2019 capital recycling program, totaling $134 million. According to a prepared release, the company will use the proceeds from the sale to fund development, potential acquisitions and for other general corporate purposes, including paying down debt.
Kilroy Realty has more than 70 years of experience developing, acquiring and managing office and mixed-use real estate assets. The company provides physical work environments that foster creativity and productivity and serves a broad roster of dynamic, innovation-driven tenants, including technology, entertainment, digital media and health care companies.
At September 30, 2019, the company’s stabilized portfolio totaled approximately 13.3 million square feet of office space located in the coastal regions of Los Angeles, San Diego, the San Francisco Bay Area and Greater Seattle and 200 residential units located in the Hollywood submarket of Los Angeles.