LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) announced today that the Institute of Market Transformation (IMT) recognized KRC with two Green Lease Leaders Team Transaction awards at the annual BOMA International Conference & Expo in Washington, D.C.
Green Lease Leaders, now in its third year, was established by IMT, a nonprofit organization that promotes energy efficiency in buildings, and the U.S. Department of Energy’s Better Buildings Alliance. This year, Green Lease Leaders represented portfolios that totaled 350 million square feet, bringing the cumulative floor area of all Green Lease Leaders to over 1 billion square feet.
“Through the tenant and landlord relationship, Green Lease Leaders are creating a real opportunity to improve building energy performance, and using the lease as a powerful tool to help both parties achieve energy savings,” says Dr. Kathleen Hogan, Deputy Assistant Secretary for Energy Efficiency, U.S. Department of Energy, who gave out the awards at the BOMA conference. “We are excited to recognize the leadership of these companies for spurring collaborative partnerships and helping make green leasing a standard practice in the marketplace.”
Brand new to this year’s Green Lease Leaders is the Team Transaction award, which was created to recognize deals where all parties come together to push the boundaries of energy efficiency in commercial space. In the Large Transaction category, IMT recognized KRC’s lease with Dropbox, Inc for its LEED Platinum 333 Brannan Street building in San Francisco. CBRE and Allen Matkins were also recognized for their work on the transaction. In the Small Transaction category, KRC received recognition for its lease with YuMe, Inc at its ENERGY STAR Certified Westside Media Center campus in Los Angeles. LA Realty Partners and Allen Matkins were also recognized for their work on this transaction.
“We are thrilled to build on the green leasing efforts that IMT recognized in 2014 when we joined the inaugural class of Green Lease Leaders,” says Sara Neff, Senior Vice President of Sustainability at KRC. “The Team Transaction Award allows us to highlight the important work of our tenants, brokers, and legal team in our green leasing efforts.”
A green lease, also known an energy-aligned lease, breaks boundaries set by traditional leases, helps owners and tenants lower their operating costs, and opens the door to deeper savings on utilities. IMT estimates that green leases have the potential to reduce utility bills by up to $0.51 per square foot (11-22 percent), which would provide over $3 billion in annual cost savings to the U.S. office market.
About the Institute for Market Transformation. The Institute for Market Transformation (IMT) is a Washington, DC-based nonprofit organization dedicated to promoting energy efficiency, green building, and environmental protection in the United States and abroad. Much of IMT’s work addresses market failures that inhibit investment in energy efficiency.
About Kilroy Realty Corporation. With almost 70 years’ experience owning, developing, acquiring and managing real estate assets in West Coast real estate markets, Kilroy Realty Corporation (KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the region’s premier landlords. 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 March 31, 2016, the company’s stabilized portfolio totaled 13.7 million square feet of office properties, all located in the coastal regions of greater Seattle, the San Francisco Bay Area, Los Angeles, Orange County and San Diego. The company is recognized by GRESB as the North American leader in sustainability, ranking first among 155 North American participants across all asset types. At the end of the first quarter, the company’s properties were 46% LEED certified and 66% of eligible properties were ENERGY STAR certified. In addition, KRC had approximately 905,000 square feet of office and residential projects under construction with a total estimated investment of approximately $645.0 million. More information is available at http://www.kilroyrealty.com.
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, among others, risks associated with: investment in real estate assets, which are illiquid; trends in the real estate industry; significant competition, which may decrease the occupancy and rental rates of properties; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired properties; the availability of cash for distribution and debt service and exposure of risk of default under debt obligations; adverse changes to, or implementations of, applicable laws, regulations or legislation; and the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts. These factors are not exhaustive. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2015 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on information that was available, and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent required in connection with ongoing requirements under U.S. securities laws.