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| Dennis Desmond |
PHOENIX, AZ – On the heels of forming a
new brokerage team focusing on both multi-tenant and net leased investments,
Managing Director Dennis Desmond and
Senior Vice Presidents Tivon Moffitt and Peter Bauman from the Phoenix office of JLL have
earned the listing for Papago Gateway Center, a Class A trophy office building
in the heart of Tempe, Arizona.
Desmond, Moffitt and Bauman will bring Papago Gateway Center to market
for sale this month on behalf of Southern California-based property owner
Chestnut Properties.
“Metro Phoenix – and Tempe in particular – are pinging on the radar of
major, institutional-level office investors like never before,” said Desmond.
“With its iconic design, premier location and major credit tenancy, Papago
Gateway Center aligns perfectly with the advantages that investors are looking
for.”
Serving as the long-term home to the global headquarters for First
Solar, Papago Gateway Center totals 245,670 square feet of
institutional-quality, Class A, LEED Gold certified office space. It is located
at 350 W. Washington St., at the intersection of Washington Street, Mill Avenue
and Curry Road, in the heart of Tempe.
Building features include highly efficient, 38,000-square-foot
floorplates; an exterior louver system for automated shade and cooling
efficiency; and sweeping views of Camelback Mountain, Papago Buttes, Tempe Town
Lake and the downtown Tempe skyline.
On-site amenities include direct access to a Phoenix Light Rail stop, a
full fitness center with lockers and showers, the Office Nosh deli, Blink EV
charging stations, and manned security. In addition to First Solar, tenants at
Papago Gateway Center include Bryan University and WSP USA, Inc.
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| Tivon Moffitt |
According to JLL, Tempe is metro Phoenix’s most in-demand office
submarket, with a 6.3 percent Class A vacancy rate and average Class A rental
rates reaching as high as $45 per-square-foot.
Since 2014, Tempe has accounted
for 27 percent of all Phoenix office absorption, despite only representing 8.4
percent of the market’s office inventory.
“The combination of market fundamentals and building amenities make
Papago Gateway Center a credible, stable, true trophy asset,” said Moffitt. “We
expect it to generate significant interest.”
Desmond, Moffitt and Bauman formed their new brokerage relationship in
late 2017, following the successful collaboration on a Class A office building
located in Albuquerque and leased in full to Raytheon Company.
The team is now utilizing their expertise to represent buyers and
sellers of institutional-level, multi-tenant and national net leased
investments, focusing on projects 100,000 square feet and above, with a value
of $20 million and higher.
In addition to Papago Gateway Center, the team has also recently
listed the Banner Health Desert Ridge Outpatient Center in north Phoenix,
an office building in Chandler fully occupied by Walgreens, and the
two-building, 302,521-square-foot Canyon Corporate Plaza office campus in
northwest Phoenix.
“Transaction volume for net leased assets has reached record highs in
recent years,” said Bauman. “It is an exciting time to launch this new
partnership and to apply our expertise within the JLL network – not only in
Phoenix but wherever our client relationships require.”
Collectively, the new team has completed the acquisition and disposition
of more than 17 million square feet of office, industrial and retail
properties.
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| Peter Bauman |
“Our backgrounds are diverse, and we bring all of that knowledge to the
table. Most importantly, we believe in integrity, professionalism and
commitment,” said Desmond. “Our very first objective is to provide superior
client care. Successful deals flow down from there.”
Desmond has enjoyed a 40-year career in commercial real estate – the
last nine years as Senior Managing Director for JLL, charged with growing the
Phoenix office from a tenant-rep operation into a full-service brokerage house
with 46 JLL broker experts spanning office, retail, industrial, multifamily,
healthcare, and related services within the real estate process.
Moffitt and Bauman joined JLL in 2016 as net lease market specialists,
having previously served in net lease and tenant representation roles at
brokerage houses in Arizona and Florida. Prior to brokerage, Moffitt worked as
a New York-based management and strategy consultant and Bauman as an
investment expert specializing in geology exploration at sites across the
globe.
For more information on this news release, please contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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