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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 27, 1997
KOLL REAL ESTATE GROUP, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-17189 02-0426634
(Commission File Number) (I.R.S. Employer Identification No.)
4343 Von Karman Avenue, Newport Beach, California 92660
(Address of principal executive offices) (Zip Code)
(714) 833-3030
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address,
if Changed Since Last Report)
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Item 5. OTHER EVENTS
On May 28, 1997, the Registrant issued a press release, a copy of
which is attached hereto and is incorporated herein by reference.
On May 27, 1997, a stipulation to dismiss certain litigation involving
the Registrant's Bolsa Chica project was submitted to the San Diego Superior
Court for approval, and the court held a hearing on certain other Bolsa Chica
litigation. These events are described in the attached press release.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
Exhibit No. Description
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99.1 Press Release, issued May 28, 1997.
2.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
KOLL REAL ESTATE GROUP, INC.
Date: May 28, 1997 By /s/ Raymond J. Pacini
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Raymond J. Pacini
Executive Vice President and
Chief Financial Officer
3.
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Exhibit 99.1
[LETTERHEAD]
NEWS RELEASE
Contact:
Raymond J. Pacini, Chief Financial Officer, 714-833-3030 x291
KREG ANNOUNCES BOLSA CHICA LITIGATION UPDATE
NEWPORT BEACH, CALIF. - May 28, 1997 - Koll Real Estate Group, Inc.
(NASDAQ:KREG) announced today that the League for Coastal Protection and
American Oceans Campaign have agreed to, and have submitted for court
approval, a stipulation to dismiss their litigation challenging the Company's
residential development plan at Bolsa Chica, which plan was approved by the
California Coastal Commission in January 1996. All parties have agreed that
the issues of the case are no longer relevant in light of the Company's
February 14, 1997 sale of 880 lowlands acres to the California State Lands
Commission. Because of this sale, KREG will not build homes in the Bolsa
Chica lowlands as part of its residential development plan, and a consortium
of state and federal agencies, using escrowed funds from the Ports of
Long Beach and Los Angeles, will restore over 1,000 acres of wetlands and
habitat at Bolsa Chica.
In a related matter, KREG announced today that following a hearing on
May 27, 1997, the San Diego Superior Court has taken under a submission the
matter of Bolsa Chica Land Trust et al v. California Coastal Commission which
has challenged the Company's planned development for up to 2,500 homes on the
Bolsa Chica mesa. The Court will make a final ruling within the next 90 days.
While the Company is hopeful that the court will rule in its favor, the
Company does not believe that an adverse ruling would preclude residential
development on the Bolsa Chica mesa; however, there can be no assurance in
this regard
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May 28, 1997 Page 2
or that an adverse ruling would not result in delays.
Any forward-looking statements in this press release involve risks and
uncertainties. The Company's actual results could differ materially from
those currently anticipated in any such forward-looking statements as a
result of many factors.
KREG provides residential and commercial real estate development
services on a national and international basis. The Company holds a large
residential land inventory in Southern California.
Editor's Note: Please do not confuse publicly owned Kill Real Estate
Group, Inc. with three privately owned and separately operated companies
which also carry the Koll name: Koll, which provides a full range of real
estate services, including property, facilities and asset management, to
clients throughout the United States and Asia; Koll Construction, one of the
country's largest multi-service construction firms; and Koll Resorts
International, a leading developer of resort communities in Mexico and a
consultant for golf and resort development and management in Mexico and the
Unites States.
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