American Assets Trust, Inc. based in San Diego has signed an agreement to buy a pair of UTC office towers.
Under the terms of the agreement, American Assets would pay $525 million to acquire La Jolla Commons at 4747 Executive Drive and 4707 Executive Drive.
The seller was not disclosed.
Built in 2014, the 421,000 square-foot tower at 4707 Executive Drive is fully leased to LPL Financial.
The 303,000 square-foot tower at 4747 Executive Drive – built in 2008 - is 72 percent leased. Tenants include U.S. Bank National Association, Paul Hastings, LLP and Finch, Thornton & Baird, LLP.
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.