LPL Financial, the nation's largest independent broker-dealer, has signed a long-term lease for a new 13-story office building in San Diego where it will consolidate operations.
LPL Financial has signed a long-term lease for the new 13-story tower at La Jolla Commons, in San Diego's University Towne Center submarket. LPL will consolidate its operations from seven locations and employees are expected to relocate to the new 415,000-square-foot office building upon its completion in mid 2014.
Hines, the international real estate firm, is an owner and is managing the development for its joint venture partner comprised of institutional investors advised by J. P. Morgan Asset Management.
"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.
Pursuing LEED certification, the modernistic tower will incorporate many sustainable features including under-floor air distribution and extensive use of reclaimed water for building systems and waste water.
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.
"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," stated LPL chairman and CEO Mark Casady.