Kilroy Realty (KRC) announces expansion into Austin market.

Kilroy Realty Corp. (KRC) announced today that is under contract to acquire a newly constructed 36-story office tower for $580 million.  Indeed Tower, completed in May 2021, is "located in the heart of Austin's central business district" and establishes KRC's "presence in the vibrant, rapidly growing Austin CBD where the company will be the fifth largest owner of Class A office product."  The project, which is subject to a long-term ground lease, is currently 57% leased, including lead tenant  The acquisition is expected to close in the third quarter.

Kilroy Realty is a California-based equity REIT specializing in the ownership, management, and development of Class-A office properties on the West Coast.  KRC is a member of the S&P MidCap 400 index with a total market capitalization of $12 billion.