DoorDash Building Trades in Phoenix’s Largest Office Deal of 2020

Lincoln Property Co. sold its newly developed Grand2 property. The deal was the largest office transaction in Phoenix last year, and the fifth largest office deal in the US. Grand2 is a 9-story, 358,000-square-foot office building fully leased to San Francisco-based DoorDash. Apex Capital Investments Corp. purchased the property, but the sales price was not disclosed.

“The COVID pandemic has many investors making a flight to safety and quality. The industrial and multi-family sectors reflect that interest, so do high-quality, single-tenant office assets that have long-term, credit tenant leases,” David Krumwiede, senior EVP at Lincoln Property Co., tells GlobeSt.com. “Grand2 fits squarely in this office asset category, with its Class AA amenities and its long-term lease to DoorDash.”