American Assets Trust Closes Biggest Deal of the Year
The investor buys La Jolla Commons for $525 million in what has become San Diego’s largest office deal so far this year.
American Assets Trust has acquired La Jolla Commons for $525 million. This is the largest office transaction in San Diego so far this year. The deal included an $11.5 million seller credit, which was paid in cash and funds drawn against the seller’s existing credit facility at the close of escrow.
The property is a two-tower 724,000-square-foot class-A office building located in the University Town Center of San Diego. The property is LEED certified.
Loryn Arkow and Ankush Israni of Los Angeles-based firm Stroock & Stroock & Lavan, represented the seller.