 |
| 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
No comments:
Post a Comment