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TEXAS/SOUTHWEST NEWS
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SAP America Inks Pre-Lease Commitment for Full Floor at AZ Office Development

4/12/16

SAP America has agreed to a pre-lease commitment for the top floor of the first building at the office component portion of The Grand at Papago Park Center development in Tempe, AZ. SAP, a leading enterprise application software company, is currently located in the Scottsdale Galleria, but will relocate to the new building once it is completed in January 2017.

Lincoln Property Company and Goldman Sachs are developing the Phase I office component, which will include 1.8 msf of Class A office space in seven buildings. Construction on three parking garages will coincide with the buildings’ development.

The first office building totals four stories and 213k sf. It is part of the larger The Grand at Papago Park Center, a major urban mixed-use project by master developer Papago Park Center Inc. At build-out, the development will total 60 acres and 3.2 msf of mixed-use office, multifamily, hotel, retail and restaurant space surrounding a substantial central water feature. It will also provide approximately one-half mile of freeway frontage to the Loop 202/Red Mountain Fwy between Priest Rd and Center Pkwy.

SAP will relocate approximately 275 employees to The Grand at Papago Park Center. The company provides software and software-related services to approximately 300,000 businesses across a variety of industries. The firm was represented in its lease by JLL Senior Vice Presidents Jason Moore and Keith Lammersen.

Jerry Roberts, Corey Hawley and Patrick Boyle with CBRE lead the project’s office marketing and leasing efforts. Lincoln Property Company will serve as the property manager. HKS Architects is the office project architect and Whiting-Turner is the general contractor.

The Grand at Papago Park Center is named after the adjacent Grand Canal. The Grand Canal is a waterway developed in the 1870s to bring water from the Salt and Verde rivers to Metropolitan Phoenix. It was recently relocated to run through The Grand project, creating a water feature for the development.

Other amenities at The Grand at Papago Park Center include two Loop 202 freeway off-ramps, two light rail stops serving the property, pedestrian-friendly multi-use paths and almost immediate access to Arizona State University and the restaurants, shopping and entertainment within downtown Tempe’s Mill Avenue District. It is minutes from Interstate 10, the Loop 101 and the 51 Freeway, and attractions like Papago Park, Papago Golf Course, Phoenix Zoo, Desert Botanical Garden, Tempe Town Lake and Phoenix Municipal Stadium.

The project sits on the last developable parcel within the 350-acre Papago Park Center, one of the largest business parks in Arizona. Existing corporate tenants within the park include First Solar, Wells Fargo Home Mortgage, Union Bank, Sonora Quest Labs, State Farm Insurance, Western Refining and Parsons Brinckerhoff.






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