American Assets Trust Inc. based in San Diego has signed an agreement to buy a pair of UTC office towers.
Under the terms of the agreement, American Assets would pay $525 million to acquire La Jolla Commons at 4747 Executive Drive and 4707 Executive Drive.
The seller was not disclosed.
Built in 2014, the 421,000 square-foot tower at 4707 Executive Drive is fully leased to LPL Financial.
The 303,000 square-foot tower at 4747 Executive Drive — built in 2008 — is 72 percent leased. Tenants include U.S. Bank National Association, Paul Hastings LLP and Finch, Thornton & Baird LLP.