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Kilroy Realty Corp. has executed a 12-year lease with Stripe Inc. for approximately 421,000 square feet of space at Phase I of the company’s approximately 656,000 square foot South San Francisco development project. Phase I is now 100% leased and, with this transaction, the office and life science component of the company’s $2.2 billion of projects under construction is now 81% leased.
KRC acquired the approximately 40-acre, fully entitled, waterfront site in June of 2018 and started construction on the first of four phases in March 2019. Phase I consists of three state-of-the-art laboratory and office buildings that are situated at the entrance to the 2.5 million square foot project and are expected to be completed in the second half of 2021.
“We are thrilled at the leasing success we’ve achieved at this project. We fully leased the project just two quarters after commencing construction. This pace speaks to the continued strength we’re seeing across our West Coast markets, where demand remains strong and supply is extremely limited,” said John Kilroy, KRC’s chairman and chief executive officer.
Phase I was designed by DGA Architects and will be designated LEED Gold. Ongoing infrastructure work, including all new streets, bay trail improvements, pedestrian lanes, sidewalks and utilities are being constructed by Teichert Construction. Phase I is being constructed by Hathaway Dinwiddie Construction.