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Kilroy Realty Leases 9455 Towne Centre Drive Development
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Kilroy Realty Corporation (KRC - Free Report) has signed a long-term lease with a major technology company at 9455 Towne Centre Drive project (9455 TCD). The tenant will occupy the entire property in the University Towne Centre sub-market of San Diego.
Specifically, the five-story development spans 160,400 square feet of space and is scheduled to complete in mid-2020. Per management, "With the execution of this lease, the office and life science component of our $2.1 billion of development projects under construction is now approximately 90% leased.”
The state-of-the-art project will offer space for office and life-science users. The LEED Platinum building will feature 30,000 square feet, flexible floor plates, 600 parking spaces and floor-to-floor heights of 15-16 feet. Further, it will offer an array of amenities, including resource-efficient sustainable features, collaborative common areas, an indoor and outdoor fitness center, and a roof deck.
San Diego is the hub of technology and life science. Further, the above-mentioned property is in close proximity to major freeways, and the presence of various retail and entertainment options in the neighborhood makes it a strategic location.
In fact, the tech industry continues to be a major tenant of office landlords. Per the outlook, tech tenants accounted for 21.6% of the overall leasing activity in first-half 2019. Furthermore, as of mid-2019, nearly 4,000 tenants were looking for large blocks of office spaces, with tech tenants representing the highest percentage.
Looking ahead, the technical workforce is projected to shoot up 13.2% from 2016 through 2026. Thus, tech tenants will likely impact office demand significantly in the days ahead. Kilroy Realty’s portfolio of Class A properties in coastal regions of the nation is well-positioned to benefit from this trend.
Currently, Kilroy Realty carries a Zacks Rank #3 (Hold). Over the past six months, shares of the company have gained 5.2%, as against the industry’s decline of 2.5%.
Stocks to Consider
Prologis, Inc. (PLD - Free Report) currently sports a Zacks Rank of 1 (Strong Buy). The company’s funds from operations (FFO) per share estimate for 2019 has been revised 0.6% upward to $3.31 in two months’ time. The stock has rallied 9.2% in six months’ time. You can see the complete list of today’s Zacks #1 Rank stocks here.
Duke Realty's Zacks Consensus Estimate for the current-year FFO per share moved north to $1.44 in the past two months. This Zacks Rank #2 (Buy) company’s shares have gained 7.2% over the past six months.
Cousins Properties Incorporated’s (CUZ - Free Report) Zacks Consensus Estimate for the ongoing-year FFO per share moved up 2.1% to $2.96 over the past two months. Shares of this Zacks Rank #2 company have gained 3.4% in six months’ time.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our latest Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
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Kilroy Realty Leases 9455 Towne Centre Drive Development
Kilroy Realty Corporation (KRC - Free Report) has signed a long-term lease with a major technology company at 9455 Towne Centre Drive project (9455 TCD). The tenant will occupy the entire property in the University Towne Centre sub-market of San Diego.
Specifically, the five-story development spans 160,400 square feet of space and is scheduled to complete in mid-2020. Per management, "With the execution of this lease, the office and life science component of our $2.1 billion of development projects under construction is now approximately 90% leased.”
The state-of-the-art project will offer space for office and life-science users. The LEED Platinum building will feature 30,000 square feet, flexible floor plates, 600 parking spaces and floor-to-floor heights of 15-16 feet. Further, it will offer an array of amenities, including resource-efficient sustainable features, collaborative common areas, an indoor and outdoor fitness center, and a roof deck.
San Diego is the hub of technology and life science. Further, the above-mentioned property is in close proximity to major freeways, and the presence of various retail and entertainment options in the neighborhood makes it a strategic location.
In fact, the tech industry continues to be a major tenant of office landlords. Per the outlook, tech tenants accounted for 21.6% of the overall leasing activity in first-half 2019. Furthermore, as of mid-2019, nearly 4,000 tenants were looking for large blocks of office spaces, with tech tenants representing the highest percentage.
Looking ahead, the technical workforce is projected to shoot up 13.2% from 2016 through 2026. Thus, tech tenants will likely impact office demand significantly in the days ahead. Kilroy Realty’s portfolio of Class A properties in coastal regions of the nation is well-positioned to benefit from this trend.
Currently, Kilroy Realty carries a Zacks Rank #3 (Hold). Over the past six months, shares of the company have gained 5.2%, as against the industry’s decline of 2.5%.
Stocks to Consider
Prologis, Inc. (PLD - Free Report) currently sports a Zacks Rank of 1 (Strong Buy). The company’s funds from operations (FFO) per share estimate for 2019 has been revised 0.6% upward to $3.31 in two months’ time. The stock has rallied 9.2% in six months’ time. You can see the complete list of today’s Zacks #1 Rank stocks here.
Duke Realty's Zacks Consensus Estimate for the current-year FFO per share moved north to $1.44 in the past two months. This Zacks Rank #2 (Buy) company’s shares have gained 7.2% over the past six months.
Cousins Properties Incorporated’s (CUZ - Free Report) Zacks Consensus Estimate for the ongoing-year FFO per share moved up 2.1% to $2.96 over the past two months. Shares of this Zacks Rank #2 company have gained 3.4% in six months’ time.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our latest Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
See 5 Stocks Set to Double>>