June 14, 2019
San Diego-based American Assets Trust, Inc. acquired La Jolla Commons, a two-tower trophy office property in San Diego’s University Town Center submarket for $525 million. The seller was reportedly JP Morgan Asset Management, which had developed the project with Hines.
In addition to 724,000-square-feet of office space in the towers at 4747 Executive Dr. and 4707 Executive Dr., the property includes an entitled development parcel and two parking structures. The two LEED platinum office towers were built in 2008 and 2014, respectively.
One tower, consisting of roughly 421,000 square feet, is 100% leased to credit-rated LPL Financial (pictured). The other tower, consisting of approximately 303,000 square feet, is roughly 72% leased to such major tenants as U.S. Bank National Association, Paul Hastings LLP and Finch, Thornton & Baird LLP.
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