PRESS RELEASES

Paul Hastings Signs Lease at La Jolla Commons Office Tower in San Diego

4/14/08

(SAN DIEGO) – The San Diego Office of Hines, the international real estate firm, announced today that Paul Hastings, one of the world’s leading law firms, has signed a long-term lease for 55,600 square feet of office space at the La Jolla Commons Office Tower.  The 13-story, 300,000-square-foot high-rise is currently under construction in San Diego’s University Town Center (UTC) area, and will offer Paul Hastings a first-class business environment that is unmatched in the county.  Paul Hastings will relocate from its current Del Mar Heights location into two-and-a-half floors at La Jolla Commons upon building completion in July 2008.  La Jolla Commons Office Tower is owned by a venture between Hines and TIAA-CREF, the national financial services organization.

Lynn Williams, Dennis Hearst and Jeff Welch of Cushman & Wakefield represented Paul Hastings in lease negotiations. Hines was represented by Rick Reeder and David Odmark of Grubb & Ellis|BRE Commercial, the exclusive leasing team for the La Jolla Commons project.

"Paul Hastings has focused on growing our core practice areas that allow us to serve both technology and life science companies as well as global clients that are based in San Diego," said Carl Sanchez, Chair of Paul Hastings’ San Diego office.  "Our expansion to a larger office demonstrates our long-term commitment to the San Diego business community.  The sophisticated new office space mirrors our standard of providing sophisticated legal advice and a high level of client service."

La Jolla Commons was designed by DMJM Architects, and will be the first high-rise office development to break ground in University Town Center since 1989. 

“The legal talent within Paul Hastings deserves a work space that will facilitate deeper client and institutional relationships by the nature of their work environment: efficient space planning and information flow, more natural sunlight and cleaner air,” said Hines Vice President Paul Twardowski. “This building was meticulously designed with firms like Paul Hastings in mind.”

La Jolla Commons Office Tower has already received Silver pre-certification in the Leadership in Energy and Environmental Design Core and Shell (LEED-CS) program, sponsored by the U.S. Green Building Council (USGBC), for its first-class construction and state-of-the-art operating systems. The building’s exterior is made predominantly of glass curtain-wall system incorporating insulated double-panned glass with a clear, low-emissivity coating, while the highly efficient floor plates and operating systems ensure superior performance for tenants.

La Jolla Commons is close to Interstate 805 off of La Jolla Village Drive. In addition to the office tower, La Jolla Commons will also offer over two acres of park area as well as hotel and residential condominium components. Planned on-campus amenities will include a restaurant, bar, deli, spa, gym and meeting space.

 For leasing information on La Jolla Commons Office Tower, call 858/546-5400 or visit www.ljcommons.com.

About Paul Hastings

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 18 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in capital markets, finance and restructuring, intellectual property, international arbitration and dispute resolution, investment management, labor and employment, mergers and acquisitions, private equity, product liability, project finance, real estate, securities litigation and tax advisory services. For additional information, please visit their website at www.paulhastings.com

About Grubb & Ellis Company

Grubb & Ellis Company (www.grubb-ellis.com) is one of the world’s leading full-service commercial real estate organizations, providing a complete range of transaction, management and consulting services.  Grubb & Ellis|BRE Commercial is one of Southern California’s leading privately held commercial real estate brokerage firms. Based in San Diego and a leader in market coverage, Grubb & Ellis|BRE Commercial represents approximately30 millionsquare feet of industrial, office and retail properties throughout the region. With corporate office locations in Carlsbad, UTC, downtown San Diego, Otay Mesa and Temecula, the Grubb & Ellis|BRE Commercial team consists of approximately 170 commercial real estate professionals and personnel. The company maintains extensive expertise in all phases of commercial real estate transactions including leasing, investment sales, property management, market research analysis and financial analysis. For more information about Grubb & Ellis|BRE Commercial, visit www.brecommercial.com.

About Cushman & Wakefield

Cushman & Wakefield is the world’s largest privately-held commercial real estates firm. Founded in 1917, it has 221 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation, in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services; including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its Knowledge Center at www.cushwake.com

About TIAA-CREF

TIAA-CREF (www.tiaa-cref.org) is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields with more than $435 billion in combined assets under management.  TIAA-CREF Global Real Estate is one of America's largest institutional real estate investors in the United States, with an approximate $70 billion global portfolio of direct and indirect investments.

About Hines

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 1,000 properties representing approximately 416 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.  In San Diego, Hines owns and manages 1.6 million square feet, including PETCO Park, La Jolla Commons and Golden Eagle Plaza.  With offices in 69 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.