BYPG Holdings LLC of Phoenix bought the six-story, 203,072-sf,brick-front structure, located along Mill Avenue between Sixth andSeventh streets, from Bank One. Earlier this month, the bank tookback the holding from Brickyard Properties LLC of Phoenix. Thelimited liability company held the title to the building, which hasbeen in bankruptcy since October.

"The buyer liked the quality of the building and felt it was agood asset for a long term investment," Bob Burnand, director ofthe Capital Advisors Group with Insignia/ESG tells GlobeSt.com. Thepurchase didn't include 88 luxury residential lofts, which Burnandsaid are almost sold out.

The building's new owner has some monumental challenges toovercome. Despite its prime location in downtown Tempe and a rosterof top-notch tenants such as Borders, Bank of America and theBamboo Club, the office-and-retail building remains 75% vacant. Thestructure also has sustained mold damage.

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