Kilroy Buys Out Allen

Kilroy Realty Corp. in Los Angeles purchased the remaining interest in 12 properties owned by The Allen Group, based in San Diego. Kilroy had been the managing member and joint owner of two limited liability companies that held these properties with The Allen Group since 1999. In its role as managing member of the limited liability companies, Kilroy Realty developed the eight completed properties between 1998 and 2002 and held an option to purchase Allen Group's interest in each building following its stabilization. The acquired properties include all five buildings within the 554,678-square-foot Peregrine Corporate Center, one of which is still under construction, located at 3579-3811 Valley Center Drive in Del Mar. Also included are the four existing buildings within the 308,960-square-foot Sorrento Gateway Business Park and three proposed lots (2, 3 and 7) at 4939 and 4955 Directors Place and 5005 and 5010 Wateridge Vista in Sorrento Mesa.