Success Stories

LPL Financial - San Diego

San Diego, CA
415,000 SF
Cresa San Diego
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Client Objectives

Over the past decade, LPL Financial (the nation’s largest independent broker/dealer) has expanded their presence in San Diego to seven buildings in UTC. The majority of these leases were soon to expire and LPL recognized that market conditions were highly favorable for them to achieve their most important goals... leveraging their strength and size and creating the most efficient office environment possible. Cresa San Diego researched existing campuses and land for development throughout San Diego County that could meet LPL’s parameters. After thoroughly evaluating all options, two “existing” opportunities and two “build-to-suit” opportunities were short-listed.

Results

Managing Principals from Cresa San Diego, Philadelphia, and Dallas (Capital Markets) combined resources, analyzed all relevant qualitative and quantitative factors, and created a highly competitive environment for the short-listed landlords/developers. Early in the process, this competitive environment produced very advantageous, short-term lease economics, allowing Cresa to negotiate coterminous leases (with options) in six of LPL’s seven buildings, critical to meeting the time line necessary to pursue the most compelling opportunity – a build-to-suit. LPL’s timing was excellent and after protracted negotiations with all four competitors, LPL’s first choice (a build-to-suit) emerged as the frontrunner. Cresa finalized a 15 year lease for 415,000 square feet upon terms that were 14% better than any of the other proposals, resulting in savings to LPL of approximately $30,000,000, including a parking ratio 25% higher than market.

Additional Assignments

  • Boston, Massachusetts - 70,000 SF
  • Charlotte, North Carolina - 23,000 SF

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