Kilroy Realty Corp. entered into a purchase agreement to acquire 319,000 rentable square feet in the South Lake Union Submarket of Greater Seattle from Group Health Cooperative and Vulcan Real Estate for approximately $170 million.

Kilroy Realty Corp. (NYSE:KRC) entered into a purchase agreement to acquire 319,000 rentable square feet in the South Lake Union Submarket of Greater Seattle from Group Health Cooperative and Vulcan Real Estate for approximately $170 million on January 7, 2013. The purchase price includes assumption of approximately $84 million of debt secured by the property.

The acquisition is subject to closing conditions and is expected to close in the first quarter of 2013. Group Health intends to use the proceeds for its core business of health care, while Vulcan planned to use its share for more South Lake Union development projects. Jones Lang LaSalle acted as listing agent.