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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) October 9, 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 October 10, 1997, the Registrant issued a press release, a copy of
which is attached hereto and is incorporated herein by reference.
The attached press release describes the approval of the Registrant's
modified Bolsa Chica Local Coastal Program ("LCP") by the California Coastal
Commission on October 9, 1997. The LCP had been returned to the Commission
for reconsideration pursuant to a previously announced order of the San
Diego Superior Court.
On October 14, 1997, the Registrant received notice that opponents of
the Bolsa Chica Project had appealed the August 1997 San Diego Superior
Court's judgment. The Registrant does not believe that the appeal will
permanently prevent the Registrant from completing the Bolsa Chica project;
however there can be no assurance in that regard or that further delays would
not result. If the appellate court does not issue an injunction preventing
construction or if a significant appeal bond is required and not posted by
the opponents of the Bolsa Chica project, the Company expects to commence
infrastructure construction during the second quarter of 1998, even though
the appeal may be pending.
Certain of the foregoing information is forward looking in its nature
and involves risks and uncertainties that could significantly impact the
ability of the Registrant to achieve its currently anticipated goals and
objectives.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
Exhibit No. Description
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99.1 Press Release, issued October 10, 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: October 14, 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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[LOGO]
NEWS RELEASE
Contact:
Raymond J. Pacini, Chief Financial Officer, 714-833-3030 x291
KREG ANNOUNCES COASTAL COMMISSION APPROVAL
OF MODIFICATIONS TO BOLSA CHICA PLAN
NEWPORT BEACH, CALIF. -- October 10, 1997 -- Koll Real Estate Group, Inc.
(NASDAQ:KREG) has announced that on October 9, 1997, the California Coastal
Commission approved modifications to the Bolsa Chica Local Coastal Program
("LCP") in response to a June 1997 San Diego Superior Court decision which
returned the LCP to the Coastal Commission for reconsideration. The LCP, as
modified, preserves a small pond adjacent to Warner Avenue and will allow the
development of up to 1,235 homes on the Bolsa Chica mesa.
The modifications to the LCP must now go back to the Orange County Board
of Supervisors for their approval. Provided that (i) these modifications to
the LCP are approved by the County Board of Supervisors by the end of 1997
and (ii) there are no further litigation delays, the Company expects to start
infrastructure construction on the mesa in the second quarter of 1998;
however, there can be no assurance in this regard.
Koll Real Estate Group, Inc. provides residential and commercial real
estate development services on a national and international basis. The
Company's largest single asset is Bolsa Chica, which is progressing toward
groundbreaking for a new master-planned residential community in 1998. In
addition, the Company currently has more than 30 commercial projects under
development in the United States and Asia totaling approximately 12 million
square feet and $1.2 billion in construction costs.
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 because of many
factors.
**END**
