TEMPE, AZ-GLL Real Estate Partners acquired the 159,764-square-foot Papago Spectrum. The German investor has ownership of a class A, multi-tenant office building, and at 91% occupancy, the new buy offers decent upside potential.
Located at 1225 W. Washington, the building is home to the University of Phoenix, which occupies the top two floors. According to a press release issued by Jones Lang LaSalle, additional recent leases totaling 27,000 square feet have also been signed.
“Investors see tremendous promise in the Phoenix commercial office market,” says JLL senior managing director Dennis Desmond in the press release. Desmond and senior vice president Brian Ackerman represented Papago Spectrum’s seller in marketing the building and closing the deal. “We have a strong inventory of well occupied, stabilized opportunities and—for good reason—buyers from across the globe have an overarching interest in placing capital here,” Desmond adds.
More information about this transaction will be posted shortly.