Stripe,Inc. has signed a 12-year lease agreement with Kilroy Realty Corporation, a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, for approximately 421,000 square feet of space at Phase I of Kilroy Oyster Point, the company’s approximately 656,000 square foot South San Francisco development project.
”Phase I is now 100% leased and, with this transaction, the office and life science component of the company’s $2.2 billion of projects under construction is now 81% leased,” said the company in a statement.
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“We are thrilled at the leasing success we’ve achieved at this project. We fully leased the project just two quarters after commencing construction. This pace speaks to the continued strength we’re seeing across our West Coast markets, where demand remains strong and supply is extremely limited,” said John Kilroy, KRC’s chairman and chief executive officer.
Kilroy Realty Corporation acquired the approximately 40-acre, fully entitled, waterfront site in June of 2018 and started construction on the first of four phases in March 2019. Phase I, the company’s approximately 656,000 square foot South San Francisco development project, consists of three state-of-the-art laboratory and office buildings that are situated at the entrance to the 2.5 million square foot project and are expected to be completed in the second half of 2021.