Northern Trust Building

4370 La Jolla Village Dr., San Diego, CA 92122

Property Overview

This investment represents an A-Note purchased at a discount and collateralized by a first mortgage lien secured by The Northern Trust Building, a ten-story office property located in La Jolla, Calif. The Property is part of the Plaza at La Jolla Village, a Class A office complex located in the University Town Center (UTC)/Golden Triangle submarket of San Diego.

The office building is a 188,918 square foot, Class A high-rise office building which was constructed in 1987. The building includes a bar & grill restaurant on the ground floor. Parking for the Property is provided by a partially subterranean parking garage with 124 parking spaces. The building has reciprocal rights to 919 parking spaces located throughout the entire Plaza at La Jolla Village office park.

Investment at a Glance

Location: San Diego, CA

Property Type: Class A Office

Investment Type: A-Note

Acquisition Date: December 31,2008

Total Loan Amount: $57,400,000

Loan Par Value: $94,500,000

Loan Term: 108 months

$57,400,000 Total Purchase Price
188,918 square feet Total Rentable Area
Class A Building Class