JLL Signs San Diego Office Lease
The company will move to an entire floor at La Jolla Commons III.
JLL has signed a 15,869-square-foot lease at American Assets Trust’s La Jolla Commons III, a 212,800-square-foot office building in San Diego. JLL will move to the entire 11th floor starting next January.
the firm will leave its current San Diego office space at 8910 University Center Lane. The lease at La Jolla Commons III will become the company’s main hub in San Diego, housing, among others, the firm’s brokerage, capital markets and retail business lines. The tenant will also receive exterior signage rights.
American Asssets Trust owns the three-building campus, according to CommercialEdge.
The property is located at 4727 Executive Drive, within San Diego’s University Town Center submarket and near Interstate 805, which connects the property to downtown San Diego, 13 miles south. Other major thoroughfares in the area include Interstate 5 and California State Route 52. The 1.1-million-square-foot Westfield UTC shopping mall is less than 1 mile west of the office buildings.
A third-building campus
La Jolla Commons III came online in 2023 and is the third office development within the campus. Construction and engineering company Skidmore, Owings & Merrill served as the building’s architect, while Whiting Turner Contracting Co. was the general contractor.
The mid-rise features floorplates of approximately 20,000 square feet across 11 floors, with the other two buildings in the campus each rising 13 stories. JLL will join coworking giant Industrious at La Jolla Commons III, where it plans to open a flex office location next month.
Amenities at the LEED Gold-certified campus include a fitness center, conference facilities, wellness room, EV charging stations, basketball court, as well as a barbecue with an outdoor seating area and a park.
San Diego listing rates above national figures
May saw average listing rates in San Diego rise to $45.2 per square foot— significantly higher than the $33.2 national figure—reflecting a 6.2 percent increase year-over-year—according to the latest CommercialEdge office report.
The top listing price per square foot in the city was recorded for One La Jolla Center—$70.2—which is located across the street from La Jolla Commons III. Vacancy rates in the city surged to 23.1 percent, up 460 basis points compared to the same time last year.
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