San Diego Business Journal

LPL Celebrates New Digs, 'the Largest Net-Zero Energy' Commercial Office in U.S.

By Mike Allen Wednesday, April 2, 2014

LPL Financial LLC, the independent broker-dealer that has about 2,000 employees here, celebrated the opening of its 13-floor, new office tower in the University Towne Center neighborhood April 2.

The building’s sole tenant, LPL said the tower is “the largest net-zero energy commercial office building in the nation,” with lots of sustainable features including three fuel cells that covert biogas into carbon-neutral electricity.

That feature alone will result in annual power savings of $300,000, the company said. As for water, 88 percent of it is recycled and used for irrigation and other building needs.

Employee comfort and productivity was a major goal in the building’s design. Office desks allow for electronic adjustment to fit a person whether they’re sitting or standing. An under-floor air distribution system lets workers control temperatures, and is another energy saving feature.

It’s got a nice gymnasium and cafeteria as well, and plenty of parking.

LPL, which is still moving into the building, was formerly in seven buildings around UTC, so coming together in a single place was a priority, said CEO Mark Casady, who was out from the company’s legal headquarters in Boston to cut the ribbon. The San Diego office is the largest of three offices the company has. Boston opened a new building about 18 months ago, and Charlotte is next up for new digs.

Hines Interests Limited Partnership was the developer and co-owns the edifice with JP Morgan Asset Management, which provided Hines with a $188 million construction loan. The company has a 15-year lease.

LPL did $4.1 billion in revenue last year, up 13 percent from 2012. Net income was $182 million, up 20 percent from the prior year.

To read more on this innovative office, see the San Diego Business Journal's April 7 edition.