May 29, 2009 (FinancialWire) — Kilroy Realty Corp. (NYSE: KRC) said it has launched a public offering of six million shares of common stock. Merrill Lynch & Co. (NYSE: MER) and JPMorgan (NYSE: JPM) will serve as the joint book-running managers.

The company plans to grant to the underwriters for the public offering a 30-day option to purchase up to 900,000 additional shares of common stock to cover overallotments.

Kilroy plans to contribute the net proceeds from the offering to Kilroy Realty, L.P., the company’s operating partnership. The operating partnership will subsequently use the net proceeds to repay a portion of the borrowings under its unsecured revolving credit facility.

The company plans to reborrow amounts under the unsecured revolving credit facility from time to time for general corporate purposes, including potentially for the repayment of long-term debt.

Los Angeles-based Kilroy Realty is a real estate investment trust active in the office and industrial property sectors. The company owns, develops, acquires and manages real estate assets primarily in the coastal regions of Los Angeles, Orange and San Diego counties.

At March 31, the company owned 8.6 million rentable square feet of commercial office space and 3.7 million rentable square feet of industrial space.

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