Thursday, April 21, 2016

Lincoln Property Co. Secures SAP as First Tenant; Breaks Ground on The Grand at Papago Park Center in Tempe, AZ

David Krumwiede
TEMPE, AZ– Just as it breaks ground on the first building at The Grand at Papago Park Center in Tempe, Arizona, Lincoln Property Company (LPC) has secured a pre-lease commitment from a major first tenant: leading enterprise application software company SAP America (NYSE: SAP).

SAP is currently located in the Scottsdale Galleria, but will relocate to the first building at The Grand at Papago Park Center as it is completed in January 2017. SAP will occupy the top floor.

The first building totals four stories and 213,056 square feet. 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 million square feet 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 Freeway between Priest Road and Center Parkway.

LPC, with Goldman Sachs, are developing the Phase I office component, which will include 1.8 million square feet of Class A office space in seven buildings. Construction on three parking garages will coincide with the buildings’ development.

“Signing a major tenant like SAP prior to start of construction proves what we already knew – that this is a premier project on a tremendously well-located site,” said Lincoln Property Company’s Executive Vice President David Krumwiede.

“Tenants are still showing a very clear demand for innovative, Class A office product in environments like Tempe. The Grand was designed with this unique mix in mind, and it’s ready to capture the next wave of requirements.”
For a complete copy of the company’s news release, please contact:

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

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