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ETC... ETC...
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Tempe, AZ Office Building Trades in $34 Mil Deal

12/27/18

Papago Spectrum, a 159.3k sf, Class A office building in Tempe, AZ traded hands in a recent deal. The property is located at 1225 West Washington in the heart of the city’s downtown.

The property was acquired by Alidade Papago Spectrum LLC, in a $34 mil ($213/sf) transaction, according to Maricopa County records. It was sold by GLL Real Estate Partners, a member of the Macquarie Group.

Papago Spectrum was built in 1999. The building is less than two miles from the campus of Arizona State University in an area of Tempe seeing significant mixed-use development activity including hotels, restaurant, lab and office space. The property is currently 93% leased with such tenants as cybersecurity/data protection firms Acronis and SonicWALL, as well as Union Bank.

GLL acquired Papago Spectrum in December 2012 and immediately embarked on a major repositioning of the asset, performing significant deferred maintenance and installing a new roof and HVAC system and upgrading the property’s building management and elevator systems. GLL also introduced new signage and conducted extensive landscaping with a view to attracting new tenants.

Brian Ackerman with JLL represented GLL in the transaction.





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