American Assets Trust Inc. has successfully closed on the acquisition of La Jolla Commons, consisting of two trophy office towers, an entitled development parcel and two parking structures, located in the preeminent University Town Center submarket of San Diego, California.
The two LEED platinum office towers at La Jolla Commons 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.
La Jolla Commons is walking distance to a range of high-end destination dining, high-scale retail and entertainment and has the benefit of ready access to San Diego’s major freeways and a soon to-be-completed Mid-Coast Trolley line.
“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.
The purchase price was paid with a combination of cash on hand and funds drawn against the Company’s existing credit facility.