Kilroy to promote The Change property in San Francisco for $1.1 billion
Kilroy Realty Corp. KRC, -0.42% announced an agreement to sell 16 office properties in San Francisco for $ 1.08 billion on Monday. At $ 1,440 per square foot, the real estate investment trust said realtors have reported that the selling price per square foot is the highest for a large property in the San Francisco commercial real estate market. Kilroy began developing The Exchange in 2015 at a total cost of $ 585 million, or $ 780 per square foot. In 2017, Dropbox Inc. signed DBX, + 1.52%, a 15-year lease for the entire office portion of the property. Kilroy’s stock, which was still inactive in pre-trading hours, is up 4.9% over the past three months, while the SPDR Real Estate Select Sector ETF XLRE is up 0.1% and the S&P 500 is up 0.47% SPX rose + 0.75% to 3.8%.
