Andrew White, senior vice president in the Yardley, PA-basedbuyer's Los Angeles office, says the Scottsdale Financial Center Iat 4110 N. Scottsdale Rd. offered a perfect storm from theinvestment side. "It's about 75% leased so there's some value-addby leasing up the property," he says. "It was built in 1986 sothere are some great opportunities to upgrade the building andbring it up to the standard that is commensurate with itsoutstanding location."

White tells GlobeSt.com that BPG will invest an additional $3million to upgrade landscaping, common areas, lobbies and securityand HVAC systems. The company's underwriting requirements call fora five-year hold.

White says BPG has been looking for all product types in avariety of markets, but Phoenix has been a somewhat difficultmarket in recent months, however. "It's been hard to find productthat meets our criteria because there continues to be a gap betweenseller and buying pricing," he acknowledges.