Bridgepoint Education Signs Lease for an Additional 18,242 Square Feet of Office Space

Bridgepoint Education, Inc. (NYSE: BPI), a provider of postsecondary education services focused on providing higher access to higher education, entered into an office lease with Kilroy Realty L.P. on June 26 for an additional 18,242 square feet of office space. The newly-leased premises are adjacent to Bridgepoint Education's San Diego headquarters, which are located in the Sabre Springs community along the I-15 Corridor near Ted Williams Parkway.

"We intend to use the additional space for administrative and online support services," said Kenny Lin, Bridgepoint Education's vice president of Real Estate. "It made sense to expand in a location where we were already well established."

Bridgepoint Education currently occupies 142,217 square feet, or 96%, of the building located at 13500 Evening Creek Drive North and also occupies, as the single tenant, 100% or 149,817 square feet, of the building located at 13480 Evening Creek Drive North. The additional 18,242 square feet will be in the building located at 13520 Evening Creek Drive North, which is directly adjacent to the other two buildings.

The initial term of the new lease commenced on May 7, 2009 and ends on February 28, 2017, with a one-time five year renewal option. The monthly base rent over the initial term increases from approximately $55,000 during the first year to approximately $72,000 during the last year. The previously signed Kilroy leases expire in 2018.

In addition to the leases with Kilroy, Bridgepoint Education also has a lease with Sunroad Enterprises for 248,051 square feet in the Sunroad Centrum building located in the Kearny Mesa area of San Diego. The Kilroy lease signed on June 26, 2009 brings Bridgepoint Education's total office space in San Diego to 558,327 square feet.

About Bridgepoint Education

Bridgepoint Education's postsecondary education services focus on offering associate's, bachelor's, master's and doctoral programs in the disciplines of business, education, psychology, social sciences and health sciences. Bridgepoint Education's regionally accredited academic institutions - Ashford University and University of the Rockies - deliver their programs online as well as at traditional campuses located in Clinton, Iowa, and Colorado Springs, Colorado, respectively.