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| Hines announces recapitalization and 15-year build-to-suit lease for in San Diego The San Diego office of Hines, the international real estate firm, announced that the firm has recapitalized its 12.3-acre premier mixed-use La Jolla Commons campus in San Diego's University Towne Centre (UTC) area. In addition to the recapitalization, Hines executed a 15-year lease for a new 415,000-square-foot office building to be built on the campus for LPL Financial, the nation's largest independent broker-dealer. Over the past six years, a joint venture of Hines and TIAA-CREF successfully developed La Jolla Commons tower one, a 13-story, 300,000-square-foot LEED Gold office building on the La Jolla Commons mixed-use campus, and reconfigured development entitlements for two additional towers. That venture has now sold the campus to a new joint venture of Hines and institutional investors advised by J.P. Morgan Asset Management to realize the campus' second and third phases. The 15-year LPL Financial lease is one of the largest in San Diego's history. Ground breaking for the new building will be in mid 2012, and opening will be in 2014. LPL Financial will consolidate its San Diego offices from seven locations into one building at La Jolla Commons, bringing all of its San Diego-based employees together into a single facility optimized for supporting their needs and enabling them to support the needs of their customers. The new building will be of similar height and design to the existing La Jolla Commons tower one office building, and will incorporate high-quality materials in an efficient layout that will maximize operational efficiency. The building is pursuing LEED certification and will incorporate many sustainable features including under-floor air distribution and extensive use of reclaimed water for building systems and waste water. In addition to the LPL Financial lease, Hines has recently leased approximately 57, 000 square feet in La Jolla Commons' existing, multi-tenant office tower to: Cushman & Wakefield of San Diego, Inc; Marks, Finch, Thornton & Baird LLP; Tang Advisors LLC; and Arrk Product Development Group USA, Inc. The campus is now more than 90 percent leased. write your comments about the article :: © 2012 Construction News :: home page |