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| Gainey Center II, Scottsdale, AZ |
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| David Krumwiede |
PHOENIX, AZ – In
a $35.25 million deal, Lincoln Property Company (LPC) and Goldman Sachs have
purchased Gainey Center II in
Scottsdale, Arizona. The companies will complete minor renovations at the
project, underscoring a continued demand and upside for Class A executive
office space.
“There is
definitely a need in the Valley for high-tech build outs, but the president of
a financial advisory firm does not necessarily want concrete floors and exposed
ceilings,” added Lincoln Property Company’s Executive Vice President David Krumwiede. “That individual wants
rich accents and a high quality setting to welcome clients.”
“Gainey Ranch is
the natural place for this type of product – well-appointed stone-clad
buildings that offer a sophisticated environment for companies serving the high
net-worth communities of the market,” added Lincoln Property Company’s Vice
President Amr Ceran.
In the coming
months, LPC will initiate key renovations at the property including lobby,
common area, landscaping and signage upgrades.
Gainey Center II
is located at 8501 N. Scottsdale Rd. in Scottsdale, Arizona, one mile from the
Loop 101 and within the Gainey Ranch community. The Class A, LEED-certified
building totals 146,770 square feet in three stories.
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| Amr Ceran |
It has
maintained a strong institutional ownership since its inception, with a focus
on providing high-end amenities including first-class finishes, on-site
security, covered garage parking and premium views of Camelback Mountain, the
McDowell Mountains and Mummy Mountain.
Fronting
Scottsdale Road, Gainey Center II is within walking distance to award-winning
hotels, retail and restaurants, just some of which include the Hyatt Regency
Scottsdale and the SHOPS at Gainey Village, featuring destinations like Chez
Vous Creperie, The Coffee Bean & Tea Leaf, Drexel Modern American, The Hash
Kitchen, Panera Bread Company, Pomo Pizzeria and Rolfs Salon and Spa.
Gainey Center II
is 89 percent occupied by tenants including J.P. Morgan, TPI Composites Inc.,
Apriva and McGraw Hill Financial. LPC is already in active negotiations to fill
the project’s remaining 17,000 square feet of available space.
Jerry Roberts and Pat Boyle of CBRE will serve as the leasing brokers for the
project. LPC will provide full property management services for Gainey Center
II as part of its more than 8-million-square-foot Phoenix property management
portfolio.
To discuss
additional leasing or investment opportunities with Lincoln Property Company in
the Desert West Region, please call David
Krumwiede or Amr Ceran at (602) 912-8888.
For a complete copy of the company’s news release,
please contact:
Stacey Hershauer
focusAZ
Marketing &
Public Relations
(480) 600-0195
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