Kilroy Realty Shares Are Trading Higher As It Sets To Sell 'The Exchange On 16th' Property For $1.08B - Kilroy Realty (NYSE:KRC)

Kilroy Realty Corp (NYSE: KRC) inked an agreement to sell The Exchange on 16th, its 750,000 square-foot office property located at Owens Street in San Francisco’s Mission Bay neighborhood, for a purchase price of $1.08 billion or $1,440 per square foot.
It is touted as the highest per-square-foot sales price for a major property in the city’s commercial real estate market.
The transaction is currently in escrow. It signifies the demand for quality assets in quality locations and reflects buyer excitement in San Francisco property as per Kilroy CEO John Kilroy.
KRC began developing The Exchange in late 2015 and signed a 15-year lease with Dropbox, Inc (NASDAQ: DBX) for the entire office component of the property in 2017. The total development cost for the project was $585 million or $780 per-square-foot.
Kilroy’s cash and cash equivalent totaled $823.1 million as of December 31, 2020.
Price action: KRC shares are up 5.05% at $67.78 on the last check Monday.