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| 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
focusAZ
Marketing & Public
Relations
(480) 600-0195
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