American Assets Trust, Inc. has acquired La Jolla Commons, the two LEED platinum office towers, located in the preeminent University Town Center submarket of San Diego, California for $525 million.
The two trophy office towers were built in 2008 and 2014, respectively and total approximately 724,000 square feet.
One tower, consisting of approximately 421,000 square feet, is 100% leased to credit-rated LPL Financial.
The other tower, consisting of approximately 303,000 square feet, is approximately 72% leased to such major tenants as U.S. Bank National Association, Paul Hastings LLP and Finch, Thornton & Baird LLP, among others.
“We are thrilled to expand into the University Town Center submarket of San Diego and proud to add La Jolla Commons to our portfolio of trophy assets,” said Ernest Rady, the Company’s Chairman, Chief Executive Officer and President.
RECOMMENDED: U.S office asking rents continue to trend higher, says Cushman & Wakefield