(SAN DIEGO) – Hines, the international real estate firm, and its joint venture partner comprised of institutional investors advised by J. P. Morgan Asset Management celebrated today the start of construction of a 13-story, 415,000-square-foot office building, the second office building at La Jolla Commons, which is located in San Diego’s University Towne Center (UTC) submarket.
The partnership announced that LPL Financial, the nation’s largest independent broker-dealer* and a wholly owned subsidiary of LPL Investment Holdings Inc. (NASDAQ: LPLA), has signed a long-term lease for the entire building and will consolidate its operations from seven UTC locations as part of its commitment to fostering an engaging and collaborative work environment for its employees. The firm’s employees will relocate to the new property upon its planned completion in mid-2014.
LPL Financial Chairman and CEO Mark Casady remarked, “As we break ground on this site, we celebrate the strength and success of our company, honor the hard work and dedication of our employees, and look forward to continuing to be an employer of choice in the city of San Diego for many years to come.”
Podium guests at the “LPL Financial at La Jolla Commons” groundbreaking ceremony were: Hines President and CEO Jeff Hines, LPL Financial Chairman and CEO Mark Casady, San Diego Mayor Jerry Sanders, Council Member Sherri Lightner, and Hines Managing Director for Southern California Paul Twardowski.
Hines, which is an owner and is managing the development for the joint venture, also introduced its general contractor, the San Diego office of Whiting-Turner Contracting Company, a nationally recognized leader in construction management and planning.
“Hines and J.P. Morgan Asset Management are proud to play a part in LPL Financial’s presence in San Diego, and we look forward to delivering a truly remarkable asset that is a moniker of solid business judgment,” said Hines Managing Director and Partner Paul Twardowski.
AECOM of Los Angeles was the design architect, and tenant improvements are being designed by the Charlotte, NC, office of Gensler.
The building’s exterior will be a predominately glass curtainwall system incorporating highly efficient, insulated double-paned glass with a clear, low-emissivity coating. Hines 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.
The modernistic tower will enjoy excellent visibility and access from Interstate 805 and La Jolla Village Drive. In addition to nearby amenities offered by the Westfield University Towne Centre Mall and La Jolla Village Square, the master-planned La Jolla Commons campus will also include two acres of park space surrounding the office towers and other mixed-use components. Planned on-campus amenities will include a restaurant, bar, spa, gym and meeting space.
About LPL Financial:
LPL Financial, a wholly owned subsidiary of LPL Investment Holdings Inc. (NASDAQ: LPLA), is the nation's largest independent broker-dealer*, a top RIA custodian, and a leading independent consultant to retirement plans.
LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 12,800 financial advisors and approximately 670 financial institutions. In addition, LPL Financial supports over 4,000 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have more than 2,700 employees with headquarters in Boston, Charlotte and San Diego.
For more information, visit www.lpl.com. Securities offered through LPL Financial, Member FINRA/SIPC.
*Based on total revenues, Financial Planning magazine, June 1996-2011
About J.P. Morgan Investment Management:
J.P. Morgan Asset Management – Global Real Assets has approximately $59.9 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of December 31, 2011.
With a 40-plus-year history of successful investing, J.P. Morgan Asset Management–Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.
About Hines:
Hines entered the California market in San Francisco in the late 1970s and opened its Southern California office two decades ago.
More recently the firm opened offices in San Diego and Orange County to coincide with developments including: PETCO Park in San Diego; 2211 Michelson in Irvine; and office building acquisitions including Golden Eagle Plaza and Pacific Plaza, both in San Diego.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,192 properties representing more than 482 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
With offices in 110 cities in 18 countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.