Sunday, December 23, 2018

GLL completes sale of Papago Spectrum in Tempe, AZ


Papago Spectrum Office Building, 
1225 West Washington
 Downtown Tempe, AZ

Brian Ackerman
TEMPE, AZ -– GLL Real Estate Partners, a member of the Macquarie Group, completed the sale of Papago Spectrum, a 159,261 square foot Class A office building at 1225 West Washington in the heart of downtown Tempe, Ariz.

Papago Spectrum was built in 1999. The building is less than two miles from the campus of Arizona State University in an area of Tempe seeing significant mixed-use development activity including hotels, restaurant, lab and office space.

GLL acquired Papago Spectrum in December 2012 and immediately embarked on a major repositioning of the asset, performing significant deferred maintenance and installing a new roof and HVAC system and upgrading the property’s building management and elevator systems. 

GLL also introduced new signage and conducted extensive landscaping with a view to attracting new tenants.    

The property is currently 93 percent leased and tenants include cybersecurity/data protection firms Acronis and SonicWALL as well as Union Bank.

Brian Ackerman, Senior Vice Present, JLL, handled the sale on behalf of GLL.
  
GLL Real Estate Partners is the real estate equity investment platform for Macquarie Infrastructure and Real Assets, a division of the Macquarie Group. 

A globally-active real estate fund manager and investment advisor headquartered in Munich, Germany, GLL operates 17 offices across the US, Europe, Asia, and Australia.  

The group currently manages USD 8.4 billion, including more than USD 4 billion in the U.S. GLL employs varying commercial property strategies serving an investor group that includes pension funds, insurance companies and sovereign entities.


CONTACT:

O- (925) 930-9848
C- (925) 915-0759


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