Hines and TIAA-CREF, the national financial services organization, have formed an investment venture to develop a 15-story, 340,000-ft² high-rise landmark office building on a three-acre development site, which Hines had acquired in December 2005, in the University Town Center (UTC) submarket of San Diego. Construction is expected to commence on the project in the fourth quarter of 2006 and will be completed in the spring of 2008.
The office tower site is part of La Jolla Commons, a 12-acre mixed-use campus that also incorporates high-rise hotel and condominium components in a park-like landscaped setting. The Hines/TIAA-CREF venture's new development will be the first high-rise office building built in the UTC submarket since 1991. The project will combine Hines' international standards for highly efficient floorplates with state-of-the-art operating systems, panoramic office views and excellent visibility from La Jolla Village Drive and Interstate-805. Rick Reeder and Dave Odmark of Grubb & Ellis|BRE Commercial have been retained to lease the building.
"As one of the largest institutional real estate investors, we see the development of high-quality, well-located office buildings with world-class partners such as Hines as an attractive way to provide value to our clients," said TIAA-CREF's Head of Global Real Estate Tom Garbutt. "We will continue to be active in this area as part of our value-added investment program."
"We are thrilled to expand our existing national relationship with such a high-caliber financial institution to develop this unique site," said Hines' West Region Executive Vice President Jim Buie. "With exceptional location and amenities, operational efficiency, premiere building materials and timeless architecture, this project will be consistent with the highest quality assets in Hines' and TIAA-CREF's global portfolios."