The requested news item does not exist. Please return to News
Wells Fargo provides single loan for debt and construction financing in San Diego
SAN DIEGO, Sept. 10, 2012 — On behalf of a joint venture of Hines and institutional investors advised by J.P. Morgan Asset Management, Jones Lang LaSalle today announced the firm’s Capital Markets professionals have secured $188 million in senior financing for a premier mixed-use campus known as La Jolla Commons in San Diego’s University Towne Center (UTC) area. Wells Fargo provided the single loan for the campus, which includes an existing multi-tenant office building and a to-be-built, single-tenant office building.
Executive Managing Director Mike Melody, and Managing Directors Chris Casey, Kelly Gaines and Lynn LaChapelle led the Jones Lang LaSalle team on this transaction.
“This was an interesting loan to secure as it had a number of potential outcomes, with multiple lenders vying for either the debt or the construction financing or some combination of the two,” said Melody. “The strong sponsorship, along with strengthening market fundamentals, made this financing very compelling for a number of lenders with Wells Fargo ultimately providing the best terms.”
The existing, multi-tenant office building is a 13-story, 300,000-square-foot LEED Gold office building that was delivered in 2008. It is currently 88 percent leased with the last full-floor, Class A office availability in UTC. La Jolla Commons Tower II is a 13-story, 415,000-square-foot office building that is expected to be completed in mid-2014. It is 100 percent pre-leased to LPL Financial, the nation’s largest independent broker-dealer. The 15-year lease is one of the largest in San Diego’s history.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page. Bookmark it here: http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspxAbout J.P. Morgan Asset ManagementJ.P. Morgan Asset Management – Global Real Assets has approximately $62.8 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of June30, 2012. With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.About HinesHines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,192 properties representing more than 482 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 110 cities in 18 countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. In San Diego and Orange counties, Hines owns and manages four million square feet, including Petco Park, La Jolla Commons and 525 B Street in downtown San Diego. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
+1 312 228 2139
+1 312 228 3127