Kilroy to promote The Change property in San Francisco for $1.1 billion

Kilroy Realty Corp. KRC, -0.70% announced an agreement on Monday to sell 16 (th) office properties in San Francisco for The Exchange for $ 1.08 billion. At $ 1,440 per square foot, the real estate investment trust said realtors have reported that the selling price per square foot is the highest for a large property in the San Francisco commercial real estate market. Kilroy began developing The Exchange in 2015 at a total cost of $ 585 million, or $ 780 per square foot. In 2017, Dropbox Inc. DBX, + 0.97% signed a 15-year lease for the entire office portion of the property. Kilroy’s stock, which was inactive in pre-trading hours, is up 4.9% over the past three months, while the SPDR Real Estate Select Sector ETF XLRE is up + 0.60% and the S&P 500 is up 0.1% SPX rose + 0.39% to 3.8%.