Paul Hastings will occupy two and a half floors of the 13-storyproject, which is under construction in San Diego's University TownCenter area and is owned by a venture between Hines and TIAA-CREF.The firm is scheduled to move into the space upon completion of thebuilding in July.

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According to Carl Sanchez, chair of Paul Hastings' San Diegooffice, the law firm has focused on growing its practice areas intechnology and life science companies as well as global clientsthat are based in San Diego. The law firm's new space was designedby DMJM Architects, and is the first high-rise office developmentto break ground in University Town Center since 1989.

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Paul Hastings was represented by Lynn Williams, Dennis Hearstand Jeff Welch of Cushman & Wakefield. Hines was represented byRick Reeder and David Odmark of Grubb & Ellis|BRE Commercial,the leasing team for the La Jolla Commons project.

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Terms of the lease were not disclosed. According to the latestSan Diego office market report from Grubb & Ellis, askingrental rates increased slightly in the first quarter of2008,reaching $3.25 per sf per month for class A space, but rental rateincreases are predicted to moderate in 2008 due to increasingvacancy. Industry sources in 2006 were saying that the La JollaCommons project would command some of the highest rates ever in SanDiego, in the neighborhood of $4 per sf per month, but noinformation was available on whether those rates would still applyin light of the changing office market and economic conditions.

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La Jolla Commons Office Tower is close to Interstate 805 off ofLa Jolla Village Drive. In addition to the office tower, La JollaCommons will also offer over two acres of park area as well ashotel and residential condominium components. Planned on-campusamenities will include a restaurant, a bar, a deli, a spa, a gymand meeting space.

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