Thursday, January 3, 2013

Jones Lang LaSalle Rings in New Year with Optimism; Office Building Sale Team anticipates up-tick in occupied, stabilized Phoenix-area “buy” opportunities

Papago Spectrum, Phoenix, AZ
 PHOENIX, AZ– Beginning the year on a positive note, the Phoenix office of Jones Lang LaSalle has completed the sale of Papago Spectrum to German-based investor GLL Real Estate Partners. 

According to Jones Lang LaSalle (JLL), the sale of the 159,764-square-foot Class A multi-tenant office building points to continued optimism for buyer interest and activity in 2013.

Dennis Desmond
“Investors see tremendous promise in the Phoenix commercial office market,” said JLL Senior Managing Director Dennis Desmond, who with Senior Vice President Brian Ackerman served as the property’s exclusive listing brokers.

“We have a strong inventory of well occupied, stabilized opportunities and—for good reason—buyers from across the globe have an overarching interest in placing capital here.”

Brian Ackerman
GLL was represented internally by Senior Vice President Christopher Quiett and Senior Associate Eric Ramm.

Papago Spectrum sits at the geographic center of the Phoenix metropolitan market, at Priest Drive and University Drive, just off of the Loop 202 Freeway in Tempe, Ariz. The building is currently 91 percent occupied, with the University of Phoenix taking the top two floors of the project and recent leases filling an additional 27,000 square feet in five-year deals.

“Close proximity to Arizona State University and a strong local employment pool ensures that vacancy rates around Papago Spectrum are almost always in the single digits,” said Ackerman. “However, submarket rents are also still slightly depressed. With this building’s strong occupancy, it makes for a very stabilized core asset with solid room for improvement.”

For a complete copy of the company’s news release, please contact:

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

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