The brokerage firm will occupy suite 300 at the office and retail complex, which is located at 7777 Fay Ave. Smith Barney employees will move into the new location in April 2004, according to the terms of the 10-year, $6.3-million lease.
In the recent transaction, Smith Barney was represented by David Marino of Irving Hughes. Ron Miller and Pascal Aubry-Dumand acted on behalf of the lessor, AG La Jolla Galleria LLC, which is an entity of The Shidler Group of San Diego.
A partnership between the Shidler Group and New York-based investment firm Angelo, Gordon & Co. purchased the La Jolla Galleria from an offshore German-based investor for $10.5 million in cash last year. At the time of sale, a partner at the Shidler Group says the acquisition offered the company a rare opportunity to buy a trophy investment in a signature location.
Constructed in 1983, the four-story asset features subterranean parking and a landscaped courtyard. The class A facility is located in the heart of Downtown, in close proximity to dozens of restaurants and shops. Tenants here include law firms Ferguson, Newburn & Weston Inc. and Nugent & Newnham APC, which both signed leases here in the beginning of the year.
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