International real estate investment and development firm Hines has begun construction on a 13-story office tower in San Diego’s University Towne Center submarket, to be occupied by the financial services firm LPL Financial.
According to an April 23 statement from Houston-based Hines, LPL has signed a long-term lease to occupy the entire 415,000-square-foot building, and will relocate employees from other sites in the San Diego area to the new property after its completion in mid-2014.
The development firm broke ground on the project at a local ceremony attended by city government leaders and top executives of Hines and LPL Financial.
The privately held Hines is building the tower in a joint venture with institutional investors advised by J.P. Morgan Asset Management. Project cost estimates have not been disclosed. It will be the second office building at Hines’ La Jolla Commons development off La Jolla Village Drive.
The San Diego office of Whiting-Turner Contracting Co. is general contractor on the project, the statement said.
AECOM of Los Angeles was the design architect, and tenant improvements are being designed by the Charlotte, N.C. office of Gensler. The building’s exterior will be a predominantly glass curtain wall system incorporating highly efficient, insulated double-paned glass with a clear coating.
Hines is pursuing certification under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program. The tower will incorporate sustainable features including under-floor air distribution and extensive use of reclaimed water for building systems and wastewater.