NEW YORK CITY—W. P. Carey Inc. has madeTucson's biggest office acquisition based on square footage since2008, the largest of a trio of net lease deals WPC made on behalfof its CPA:17 -– Global managed REIT. The143,650-square-foot property at 3350 E. Hemisphere Loop in Tucsonserves as the corporate headquarters forRaytheon's Missile Defense Systems division andtraded to WPCX for $18.95 million, or $131 per square foot.

A Colliers International team of SVPNeil Glassmoyer, VP Tivon Moffittand senior associate Peter Bauman served asbrokers for both WPC and seller Summit Properties of Seattle. WPCacquired the 12-year-old class A office building for “well belowreplacement cost with a high-quality tenant in place,” Glassmoyersays.

Gino Sabatini, managing director and directorof global investments at WPC, says the quality of the tenant, and“the criticality of the asset to their operations, made this anattractive investment” for his company. “The building's size, alongwith significant improvements made by the tenant, are key factorsin meeting the tenant's unique requirements and consequentlyenhanced the investment value of the asset for us.”