MESA, AZ-The $850-million BPG Investment Partnership VIII LP has snagged the 309,983-sf Financial Plaza as its first asset. In addition to paying $57.75 million for the class A office building, the fund will plow an additional $3 million into upgrading the building.

Fort Worth-based Crescent Real Estate Equities Co. last week announced the asset’s sale, but withheld the buyer’s name. It took longer than usual to nail down the information due to the holiday week.

Andrew White, senior vice president and western regional manager for Philadelphia-based BPG Properties Inc., says the first step will be to rehab the 1201 S. Alma School Rd. building. Work will be completed within six months on lobbies, common areas, lighting and ceilings. The goal is to be ready to market the 77%-leased building to tenants by January 2008, he adds.

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