The new building will achieve carbon neutrality on an annual basis through a combination of high-performance building design, directed biogas and on-site fuel cells that annually will generate more electricity than the building and tenant will use.
The building will be fully leased and occupied by LPL Financial LLC, an independent broker-dealer, institutional service provider and a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA).
While there are other net-zero buildings in the United States, LPL Financial at La Jolla Commons reportedly will be the largest building in the U.S. developed for lease.
It is being developed and will be owned by a partnership of Hines and institutional investors advised by J.P. Morgan Asset Management.
Construction began in April 2012 and completion is scheduled for mid-2014.
Total on-site energy production will be roughly equivalent to generating the electricity required to power 1,000 San Diego homes.
Its system will contribute to California’s goal of deriving a third of its electricity from renewable sources by 2020.