Jana Gallen

Jana Gallen inquired about the increased near-term leasing outlook at Kilroy Oyster Point Phase Two (KOP2), asking if current demand and tours are primarily traditional biotech or more diverse. She also asked if the improved and diversified activity across the portfolio would lead to less reliance on shorter-term leasing going forward.

Answer

EVP, Chief Leasing Officer Rob Paratte stated that KOP2 is seeing strong demand, particularly for the best projects, with life science demand rising over 20%. He noted interest from other sectors like semiconductors, AI, and robotics. CEO Angela Aman confirmed 84,000 square feet leased at KOP2, primarily biotech, and expressed confidence in exceeding the 100,000 square feet goal. Regarding lease terms, Angela Aman explained that while short-term renewals are ongoing, new leases are generally longer, though AI companies in San Francisco still seek 3-5 year terms for flexibility.

Jana Gallen inquired about the increased near-term leasing outlook and current demand at Kilroy Oyster Point Phase 2 (KOP 2), specifically whether it's primarily traditional biotech or a broader mix of tenants.

Answer

Rob Paratte (EVP, Chief Leasing Officer) reported strong Q3 life science leasing in South San Francisco, with KOP 2 attracting demand from best-in-market projects and a 20% rise in life science demand. He also noted increasing interest from other sectors like semiconductors, AI, and robotics. Angela Aman (CEO) expressed satisfaction with 84,000 sq ft leased at KOP 2, expecting to exceed 100,000 sq ft by year-end, emphasizing the creation of a biotech ecosystem while also seeing demand from non-life science uses.