Paul Twardowski and Shawn Tobias; Russ Sande, Glenn Friedrich and Matthew Feeney Hines; CresaPartners La Jolla Commons, 4707 Executive Drive, La Jolla 417,000 square feet Total consideration: $363 million
Closing the deal: Hines in San Diego, led by Senior Managing Director and Partner Paul Twardowski, recapitalized the La Jolla Commons campus with equity partner J.P. Morgan Asset Management at a closing transaction value of $178.1 million.
Simultaneous to the transaction, LPL Financial, the nation’s largest independent broker-dealer, signed a lease to fully occupy a 417,000-square-foot office building on the campus. Russ Sande, Glenn Friedrich and Matthew Feeney with CresaPartners represented the tenant. The lease retained LPL Financial within University Towne Center, consolidating the firm’s 2,000 San Diego employees across seven buildings in UTC, and qualified as the largest total lease consideration of $362.6 million in San Diego’s history.
Hines recently announced that the office tower for LPL Financial will be the largest net-zero energy office building in the United States. 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.