Kilroy Realty Corp. said Monday that its operating partnership will offer $150 million in senior debt in a private placement to institutional buyers.

The Los Angeles real estate investment trust said the exchangeable senior unsecured notes from Kilroy Realty L.P. will be due 2014. The interest and exchange rates and other terms will be determined in negotiations between the company, operating partnership and initial purchasers. Under certain circumstances, the notes may be exchanged for cash up to the principal amount and shares of Kilroy Realty stock.

The partnership intends to use net proceeds for general corporate purposes and to repay outstanding long-term debt, including a portion of borrowings under its revolving credit facility, Kilroy said. The REIT’s holdings include office, industrial, research and development, and multi-purpose properties in Southern California.

Kilroy Realty expects to grant to initial purchasers a 13-day option to buy up to an additional $22.5 million in notes to cover overallotments, if any.

Shares closed up 23 cents, or less than 1 percent, to $30.58 on the New York Stock Exchange.