LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) today announced that Hollywood Proper Residences, the 200-unit luxury high-rise at its Columbia Square mixed-use project, has become the world’s first apartment rental project to earn WELL Multifamily Residential Certification under the WELL Building Standard™ (WELL). Administered by the International WELL Building Institute™ (IWBI), WELL is a performance-based system for measuring, certifying, and monitoring features of the built environment that promote the health and wellness of the people who live, work, and learn in these spaces.
KRC has a successful track record of sustainability and health achievements. GRESB, widely recognized as the most rigorous standard for benchmarking the sustainability performance of real estate companies and funds, named KRC the North American leader in sustainability for the past three consecutive years and named it #1 for Health performance in the office sector in the most recent reporting year, 2016.
“We are excited to bring to market, as our first residential property, the first multifamily community certified for healthy living under the WELL Building standard,” said Chris Heimburger, senior vice president of development for KRC. “As a market leader, we recognize the growing need to focus our portfolio on the health and wellness of our tenants and residents and we maintain a steadfast commitment to strive for excellence in meeting this need.”
The residential tower demonstrates forward-thinking, health-focused design that includes the following features:
- Performance-verified indoor air quality achieved through a variety of methods, including increased outdoor air and a suite of innovative filtration media
- Extensive onsite fitness center
- Health-focused building materials
- Increased daylight access
- Augmented green cleaning program
- Verified acoustic comfort
- Biophilic environment
- Performance-verified water quality
“We congratulate KRC for targeting and achieving WELL for the Columbia Square Residential Tower and applaud the company for putting the health and well-being of its tenants front and center of their efforts,” said Rick Fedrizzi, chairman and CEO of IWBI. “As the newest member of the family of WELL Certified™ projects, the Columbia Square Residential Tower is a strong representation of our growing movement and we are proud to work with KRC in this leadership achievement.”
The project was constructed by Webcor Builders and designed by GBD Architects. “We are committed to the WELL certification goals,” said Cicely Rice, Webcor’s project director. “We enjoyed working with Kilroy Realty to build California’s first certified multifamily WELL building where people can live, work, and play in an environment that was designed to nurture health and productivity.”
The Columbia Square mixed-use project is located in the heart of Hollywood two blocks from the corner of Sunset and Vine. In addition to the residential tower, it includes office buildings totaling approximately 460,000 square feet that earned LEED Gold certification in 2016.
About Kilroy Realty Corporation. Kilroy Realty Corporation (KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the West Coast’s premier landlords. The company has over 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 June 30, 2017, the company’s stabilized portfolio totaled approximately 14.4 million square feet of office space and 200 residential units located in the coastal regions of Los Angeles, Orange County, San Diego, the San Francisco Bay Area, and Greater Seattle. In addition, KRC had four projects totaling approximately 1.8 million square feet of office space, 237 residential units and 96,000 square feet of retail space under construction.
The company is recognized by GRESB as the North American leader in sustainability and was ranked first among 178 North American participants across all asset types. At the end of the second quarter, the company’s stabilized portfolio was 52% LEED certified and 71% of eligible properties were ENERGY STAR certified. 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 the forward-looking statements, and you should not rely on the 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 the forward-looking statements, including, among others: global market and general economic conditions and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses; our ability to release property at or above current market rates; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing, and which may result in write offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or implementations of, applicable laws, regulations or legislation; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers’ financial condition and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. 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, 2016 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information, 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 we are required to do so in connection with our ongoing requirements under federal securities laws.