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LPL Financial Tower II at La Jolla Commons
Press Release
LPL Financial Tower II at La Jolla Commons
•
4707 Executive Drive, San Diego, CA 92121
For Immediate Release
LPL FINANCIAL CELEBRATES THE OPENING OF ITS
SUSTAINABLE OFFICE TOWER IN SAN DIEGO
Tower II at La Jolla Commons is believed to be nation’s largest
net-zero energy building; houses more than 1,600 employees
SAN DIEGO – April 2, 2014 – LPL Financial LLC, the nation’s largest independent broker-dealer, an RIA custodian,
and a wholly-owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), today celebrated the opening of
its new San Diego headquarters, Tower II at La Jolla Commons, which is believed to be the largest net-zero energy
commercial office building in the United States. In the weeks leading up to the office’s opening, more than 1,600
LPL Financial employees from seven office buildings in La Jolla moved to the La Jolla Commons facility.
The 13-story, 415,000-square-foot office tower demonstrates LPL Financial’s commitment to sustainability and
social responsibility by incorporating among the most sophisticated available green technologies and health and
wellness benefits for its employees in its office design. The tower utilizes three fuel cells to convert biogas into
carbon-neutral electricity that will allow the building to achieve net-zero energy status. In order to monitor and
manage the tower’s reduced energy consumption, energy meters are located throughout the building and all
surplus power is pushed back to the grid through San Diego Gas & Electric. In addition, the tower is furnished with
LED lights that feature automatic dimming capabilities based on the degree of available natural light, as well as
occupancy sensors that turn lights off by detecting unoccupied offices.
Eighty-eight percent of the tower’s water consumption, nearly 2.5 million gallons annually, is recycled and used
for irrigation and other building needs. Employee-focused sustainability programs encourage employees to recycle,
compost and carpool. On-site charging stations for electric vehicles are also available for employee use at no cost.
Employee comfort and productivity was also a top priority for LPL Financial when designing the tower. With
the help of ergonomists, customized furniture was designed to be easily adjusted with the touch of a button to
accommodate various work styles. An under-floor air-distribution system with diffusers allows employees to
control the flow of air into their individual workspaces.
In addition to these sustainable and ergonomic features, Tower II at La Jolla Commons also offers a number
of employee amenities, including an on-site health and fitness center with a certified wellness manager and a
cafeteria featuring healthy food options.
“At LPL Financial, we are ambitiously working to be an employer of choice. As part of this commitment, we
knew that our work environment needed to make an investment both in our employees and in the San Diego
community. We saw designing this state-of-the-art building as core to enhancing the productivity, capabilities and
well-being of our employees, which in turn allows us to better serve our clients,” said Mark Casady, chairman
and CEO of LPL Financial. “By bringing employees together in this beautiful and inspiring workspace, we are
ushering in a new era of collaboration and innovation that we believe will yield benefits not only for employees
but also for the clients we serve.”
“Utilizing advances in technology to create efficiencies is at the heart of what LPL Financial provides for its
advisors and institutional clients, and it is only fitting that we adopted the same approach in designing our new
office tower. LPL Financial would like to thank Hines, J. P. Morgan Asset Management, Cresa, Gensler,
continued on next page
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Press Release, continued
Whiting Turner, WSP, San Diego Gas & Electric, GE Lighting, and Bloom Energy for their partnership as we
worked together to create what we believe is the largest net-zero energy commercial office building in the
country. Leveraging technology and advanced materials to minimize our impact on the environment, while
creating a positive work environment for our employees, is consistent with our values as a firm and indicative
of our strong commitment to being a socially responsible corporate citizen,” Casady added.
Hines Senior Managing Director Paul Twardowski said, “It was a pleasure collaborating with LPL Financial to push
the sustainability envelope. Such collaboration has resulted in an extremely effective business solution that we are
confident will bring significant value to LPL Financial investors, clients and employees for years to come.”
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is the nation’s largest
independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2013), an RIA custodian,
and an independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive
clearing and compliance services, practice management programs and training, and independent research to more
than 13,600 financial advisors and approximately 700 financial institutions. In addition, LPL Financial supports
approximately 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory
platforms and technology solutions. LPL Financial and its affiliates have more than 3,000 employees with primary
offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor,
member FINRA/SIPC.
About Hines
Hines is a privately owned real estate firm involved in real estate investment, development and property
management worldwide. The firm’s historical and current portfolio of projects that are underway, completed,
acquired and managed for third parties includes 1,283 properties representing more than 516 million square
feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, masterplanned communities and land developments. Currently, Hines manages 378 properties totaling 151.9 million
square feet, which includes 84.3 million square feet for third parties. In the Greenspoint area, Hines and the GM
Pension Plans own approximately two million square feet of office and retail space. With offices in 111 cities in
18 countries, and controlled assets valued at approximately $25.2 billion, Hines is one of the largest real estate
organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive
experience in LEED, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building
rating systems. Visit www.hines.com for more information.
LPL Financial and Hines are not affiliated entities.
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LPL Financial Media Contact
Tony Vignieri
(858) 909-6698
[email protected]
LPLA-C
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Photography
LPL Financial Tower II at La Jolla Commons
•
4707 Executive Drive, San Diego, CA 92121
To request photos of the new
LPL Financial Office Tower,
please contact Tony Vignieri
at [email protected].
Member FINRA/SIPC
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Embracing Sustainability
and Wellness
LPL Financial Tower II at La Jolla Commons
•
4707 Executive Drive, San Diego, CA 92121
LPL’s new San Diego office tower is believed to be the
largest commercial net-zero energy building in the U.S.
66%
more efficient
than the median
office building
Energy meters
on each floor
to measure and
adjust use
Sit-or-stand
ergonomic
workstations
5,790
LED lights
Saves $38,000 annually
in energy costs
No maintenance for
15 years
88%
of the water will be
reclaimed and reused
(2.5 million gallons)
Saves $10,000
annually
$ 300,000
Electric vehicle
plug-ins
annual savings in
electricity costs
Powered by three fuel
cells (500kW)
Member FINRA/SIPC
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Fact Sheet and FAQs
LPL Financial Tower II at La Jolla Commons
•
4707 Executive Drive, San Diego, CA 92121
Fast Facts
ƒƒ 13 Floors / 420,00 square feet / 1,900 employees
ƒƒ LEED Platinum certification (pending)
®
ƒƒ Believed to be one of the largest net-zero
commercial office buildings in U.S.
• Powered by three fuel cells (500 kW)
• Energy meters on each floor to measure and
adjust energy use
ƒƒ $300,000 annual savings in electricity
costs due to fuel cells
ƒƒ 66% more efficient than the median
office building
ƒƒ 88% of the water (2.5 million gallons annually)
will be reclaimed and reused
• Saves $10,000 annually
ƒƒ Four (4) electric vehicle plug-ins
ƒƒ Sit-or-stand ergonomic workstations
in each space
ƒƒ 5,790 LED lights
• Saves $38,000 annually in energy costs
• No maintenance for 15 years
FAQs
What is the building size, and how many employees will move into the new location?
The office tower, located at 4707 Executive Drive, is 420,000 square feet and has 13 floors with two levels of
parking underneath. Currently, there are 1,600 LPL employees spread out among seven LPL buildings in the
Eastgate/UTC submarket of San Diego. This will bring all employees together in one location.
What areas were specifically addressed in the design phase of the building?
The focus was to build an environmentally friendly workplace that would be reflective of our employees’
values and work styles. With that in mind, the building design was guided by four pillars: Sustainability,
Health and Wellness, Connectivity, and Flexibility. This design is under consideration for LEED ® Platinum
certification, which is the U.S. Green Building Council’s (USGBC) highest standard for environmental design.
Who are the key partners in the project?
ƒƒ CresaPartners – Brokerage advisory and tenantimprovement project management
ƒƒ Whiting-Turner Contracting Co. – General
contractor
ƒƒ Hines Interests Limited Partnership – Developer
and co-owner
ƒƒ General Electric – Lighting provider
ƒƒ J.P. Morgan Asset Management – Co-owner
ƒƒ AECOM – Architect for building core and shell
ƒƒ Carolina Business Interiors and Workrite
Ergonomics – Furniture provider
ƒƒ Gensler – Architect for interior improvements
ƒƒ San Diego Gas & Electric – Utility firm
ƒƒ Bloom Energy – Fuel-cell provider
continued on next page
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Fast Facts and FAQs, continued
What was the construction duration?
Construction for the core and shell commenced in April 2012, and was substantially complete on
November 8, 2013.
It is believed that this is the largest commercial net-zero office building in the United States.
How is that so?
On an annual basis, a building will produce at least as much power as it consumes, and will be carbon neutral.
At La Jolla Commons, LPL will utilize three fuel cells, totaling 500 kilowatts (kWs), to convert methane gas to
electricity. The three fuel cells will generate 4.3 million kW hours every year. However, the building is projected
to use only 2.9 million kW hours per year. The excess 1.4 million kW hours will be distributed to San Diego Gas
& Electric (SDG&E). The fuels cells onsite provide enough electricity to power 750 San Diego homes.
How about the natural gas used to power the fuel cells?
Biogas will be injected into the natural gas pipeline. Biogas is a methane-rich gas resulting from natural
decomposition that can be drawn from such places as wastewater treatment plants and landfills. Capturing
and using this renewable resource keeps it from turning into greenhouse gas emissions, furthering LPL’s
sustainability goals and fulfilling an important net-zero requirement of carbon neutrality. The result is that
we’re introducing a 420,000-square-foot building that will serve our 1,900 employees without creating new
greenhouse gas emissions normally associated with the provision of power to a building.
How much will the company save in energy costs?
Energy meters will be used throughout the building to monitor and measure usage. Estimates are that
approximately $300,000 will be saved yearly in electricity costs due to the incorporation of fuel-cell
technology. Additionally, surplus power will be pushed back to the electrical grid.
Will the entire building have LED lighting?
Yes, General Electric LEDs will light all offices, hallways, conference rooms and meeting spaces—a total
of 5,790 LEDs throughout. The General Electric LED lighting products will save LPL an estimated $38,000
per year in energy costs. The LEDs feature automatic dimming capabilities when sufficient natural light is
available, as well as sensors that will automatically turn off lights in unoccupied offices and meeting spaces.
Additional savings come from the fact that the LEDs are maintenance-free for the first 15 years.
What about water usage in the building?
Annually, nearly 2.5 million gallons—about 88% of the water used in the building—will be reclaimed water,
which will be used for irrigation, for flushing water closets and urinals, and as process water used in the
cooling towers. The annual savings from reclaimed water is expected to be approximately $10,000 per year.
What are some of the other sustainability features of the building?
Highly recycled content materials were used in the building’s construction. All utensils and supplies in the
building are biodegradable. Employee-focused sustainability programs include carpooling, charging stations
for electric vehicles, recycling and composting.
continued on next page
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Fast Facts and FAQs, continued
The building is all glass. Won’t that create higher internal building temperatures, especially in
sunny San Diego?
The building features insulated, double-paned glass with low e-coating to minimize heat gain while
increasing natural light. Additionally, the building’s glass exterior combined with the layout of interior
walls allows more natural light to penetrate every workspace, which has been credited with improving
employees’ moods and productivity.
How about the building’s indoor air quality, especially with such a “tight” building?
As with many office buildings, one room is too hot, the next too cold. This problem has been solved through
the use of an under-floor air-distribution system with diffusers that can control the flow of air into an office or
work space. This gives employees the ability to adjust the air flow customized to their comfort level. Underfloor air distribution also reduces electrical consumption since the system is more than 50% more efficient
than conventional ducted-air distribution. Additionally, the building’s ventilation system circulates outside air
into the building to improve the quality of indoor air. And, to keep indoor air quality high, LPL is only using
products deemed to have low measures of Volatile Organic Compounds (VOC).
Furniture consultants and ergonomists were used to create the optimal work space.
What was the end result?
The focus was to create a work space that would accommodate any employee’s work style. As a result, we
developed customized ergonomic furniture that can be raised or lowered at the touch of a button to allow sitor-stand capability. All employees will receive a review from an ergonomist with recommendations on how to
set up and individualize their desks to create a healthy work space.
How about health and wellness at La Jolla Commons?
The first floor will feature a health and fitness center with a certified onsite wellness manager. Each floor
will have a wellness room reserved for nursing mothers or employees with health issues. Later in the year, a
health clinic will open in the building.
The cafeteria, located on the main floor, will offer healthy food options, and all vending machines will be filled
with healthy snacks. For employees who choose to bike to work, there are secure and convenient storage
areas for bicycles.
How is the building set up for connectivity and technology?
In addition to wireless access that’s available throughout the building, there is follow-me-printing technology
that allows employees to print documents on any printer, on any floor. Enhanced presentation and videoconferencing capabilities will be on all floors, and will include simple and easy-to-use video conferencing for
both small and large teams. A video broadcast studio, located on the 13th floor, will be equipped with both
in-house cameras and editing equipment.
Voice-over Internet Protocol (VoIP) is available to give employees additional flexibility for phone services,
allowing them to work outside of their usual work space. And, each floor will feature adjustable soundmasking technology, which creates white noise to reduce distractions and improve privacy for conversations.
Member FINRA/SIPC
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Corporate History
LPL Financial Tower II at La Jolla Commons
•
4707 Executive Drive, San Diego, CA 92121
LPL Financial Corporate History
LPL Financial was formed in 1989 through the merger of two small brokerage firms, Linsco and Private
Ledger, both established in 1968. By merging these two companies, the founders of LPL Financial
sought to create a trusted alternative to Wall Street firms, one in which financial advisors could build
highly competitive businesses while always doing what is right for their clients.
In 2005, LPL Financial sold a 60 percent ownership stake to investment funds affiliated with two private
equity partners, Hellman & Friedman LLC and TPG Global LCC, both strongly committed to maintaining
the independence of the firm. In November 2010, the parent company of LPL Financial, LPL Financial
Holdings Inc., first became publicly traded on NASDAQ under the symbol LPLA.
LPL Financial is committed to remaining a trusted and unbiased resource for our advisors and their
clients. The financial services industry, markets and world are changing fast, while people are living
longer and facing more complex financial needs. At the same time, investors are increasingly seeking
to partner with advisors who offer unbiased guidance to help them face today’s financial planning
challenges. These factors mean that providing Americans with independent investment advice has never
been more important than it is today.
Since those early days when the company was founded in 1989, LPL Financial has grown to become the
largest independent broker/dealer in the country (based on total revenues, Financial Planning magazine,
June 1996–2013), supporting more than 13,600 financial advisors and approximately 700 financial
institutions. LPL also supports more than 4,500 financial advisors licensed with insurance companies by
providing customized clearing, advisory platforms and technology solutions.
LPL Financial and its affiliates have more than 3,000 employees with primary offices in Boston,
Charlotte, and San Diego.
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Executive Bios
LPL Financial Tower II at La Jolla Commons
•
4707 Executive Drive, San Diego, CA 92121
Mark Casady
Mark Casady is chairman of the board and chief executive officer of
LPL Financial, which he has guided to become a leading financial services
organization serving independent financial advisors, banks and credit unions; and
providing clearing services to broker/dealers at financial services companies.
Before joining LPL Financial in 2002, Mr. Casady was managing director
of the mutual fund group for Deutsche Asset Management, Americas—
formerly Scudder Investments. He joined Scudder in 1994 and held roles as
managing director, head of the Global Mutual Fund Group, and head of Defined
Contribution Services. He was also a member of the Scudder, Stevens and Clark
board of directors and management committee. Prior to Scudder, he held roles
at Concord Financial Group as institutional sales manager, and at Northern Trust
as vice president of investments and head of global custody operations in its
London office.
Robert Moore
Robert Moore serves as president of LPL Financial and leads the Advisor and
Institution Solutions business unit. After joining the company in 2008 as CFO,
he transitioned to the role of president in 2012 to lead key areas of the company
focused on business development, existing advisor growth, and enhancing
client satisfaction. Prior to LPL Financial, Mr. Moore served as chief executive
officer and chief financial officer at ABN AMRO North America and LaSalle Bank
Corporation; and Diageo PLC, Europe and Great Britain, in a number of finance
management positions, ultimately serving as chief financial officer.
Mr. Moore is the vice chairman of the Insured Retirement Institute (IRI) board of
directors, a member of the board of the Securities Industry and Financial Markets
Association (SIFMA) and a member of the Financial Services Roundtable.
He is also on the University of Texas at Austin Development Board and is an
independent director of Legal & General Investment Management America Co.
continued on next page
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Executive Bios, continued
Sallie Larsen
Sallie Larsen is managing director, chief human capital officer, for LPL Financial,
with responsibility for overseeing Compensation & Benefits, Corporate
Communication, Human Resources, Mail Services, Organizational Development
& Training, Payroll, Real Estate & Facilities, and Talent Acquisition. She is focused
on developing the human capital systems and resources that create a satisfying
work environment, helping employees internalize and embrace the company’s
values and mission, and building a learning culture that encourages ongoing
professional development.
Ms. Larsen joined the organization in 2012 with more than 25 years of human
resources experience. Earlier, she worked as chief human resources officer at
the Federal Home Loan Bank/Office of Finance, where she was recognized for
helping to give employees a clearer voice, expanding employee development
opportunities, and supporting improved internal communications. She also
led her business unit through a pivotal time of change—she has worked
with the CEO and the board of directors on human resources strategy and
corporate governance, modernized the company’s HR infrastructure, built a
new competency model to support cultural change, and moved to an online
performance management system tied to a suite of online learning resources.
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Partner Summaries
LPL Financial Tower II at La Jolla Commons
•
4707 Executive Drive, San Diego, CA 92121
About SDG&E
San Diego Gas & Electric is a full-service utility providing electricity and natural gas to 3.4
million consumers across 4,100 square miles from Orange County to the Mexican border.
SDG&E offers financial incentives to building owners for adopting energy efficient designs and
technologies through its Savings By Design program. As a participant in SDG&E’s Savings
By Design program, LPL Financial will receive incentives for using LED lighting throughout the
building as well as a state-of-the art kitchen exhaust system. Manufactured by Halton, the new
kitchen exhaust system uses variable speed fans connected to advanced sensors that monitor
real-time cooking activities to optimize fan operations throughout the day. Energy savings of
almost 70% compared to conventional systems are achievable with these technologies
About Hines
Hines is a privately owned real estate firm involved in real estate investment, development and
property management worldwide. The firm’s historical and current portfolio of projects that
are underway, completed, acquired and managed for third parties includes 1,283 properties
representing more than 516 million square feet of office, residential, mixed-use, industrial,
hotel, medical and sports facilities, as well as large, master-planned communities and land
developments. Currently, Hines manages 378 properties totaling 151.9 million square feet,
which includes 84.3 million square feet for third parties. In the Greenspoint area, Hines and the
GM Pension Plans own approximately two million square feet of office and retail space. With
offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 billion,
Hines is one of the largest real estate organizations in the world. Hines is also a world leader
in sustainable real estate strategies, with extensive experience in LEED, ENERGY STAR®,
BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.
About Bloom Energy
Bloom Energy is a provider of breakthrough solid oxide fuel cell technology generating clean,
highly-efficient on-site power from multiple fuel sources. The company was founded in 2001
with a mission to make clean, reliable energy affordable for everyone in the world. Bloom
Energy Servers are currently producing power for many Fortune 500 companies including
Google, Walmart, AT&T, eBay, Staples, The Coca-Cola Company, as well as notable nonprofit organizations such as Caltech and Kaiser Permanente. The company is headquartered in
Sunnyvale, CA. For more information, visit www.bloomenergy.com.
continued on next page
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Partner Summaries, continued
About GE Lighting
GE Lighting develops energy-efficient solutions that change the way people light their world
in commercial, industrial, municipal and residential settings. A pioneer in lighting, GE was
responsible for the world’s first visible LED more than 50 years ago and remains on the
forefront of LED innovation.
The company has released inspired LED products for both residential and commercial
settings, from the first ENERGY STAR® -qualified A19-shaped LED bulb to LED street lighting
that illuminates cityscapes the world over. GE’s products include reveal® and Energy Smart®
consumer brands, and Evolve™, GTx™, Immersion™, Infusion™, Lumination™, Albeo™ and
Tetra® commercial brands, all trademarks of GE.
About Cresa
Cresa is an international corporate real estate advisory firm that exclusively represents tenants
and specializes in the delivery of fully integrated real estate services, including: Transaction
Management, Project Management, Strategic Planning, Corporate Solutions, Site Selection,
Lease Administration, Capital Markets, Mission Critical Solutions, Relocation Management, and
Facilities Management. With more than 58 offices, Cresa is the largest tenant representation
firm in North America.
LPL Financial and the listed partners are not affiliated entities.
Member FINRA/SIPC
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For more information on LPL Financial and
our new building, please contact:
Betsy Weinberger
Senior Vice President,
Public Relations
Tel: (858) 909-6845
[email protected]
Tony Vignieri
Vice President,
Public Relations
Tel: (858) 909-6698
[email protected]
LPL Financial
4707 Executive Drive,
San Diego, CA 92121
Member FINRA/SIPC
MKT-0038-0314