According to Trammell Crow Co. senior vice president Mindy Korth, Landwin Group acquired the building at 6955 W. Morelos Place as part of a 1031 exchange to turn around gain from a retail sale in Tempe. She says the buyer was focused on finding a secure investment for the replacement property.
Verizon, which moved into the building in 2004, uses the building as a regional headquarters and customer service and data center for Arizona, New Mexico, Las Vegas and El Paso, TX. Industry experts familiar with the deal say the lease expires in 10 years.
The three-year old building was developed and sold by a partnership comprised of Minneapolis-based Ryan Cos. and Citigroup Alternative Investments Group of Chicago. "The Verizon Wireless building represented a new, top-quality office building," Korth tells GlobeSt.com, "and the security of a long-term lease to one of America's leading companies. We received multiple offers for it." The building boasts an on-site health and wellness center, cafeteria and Internet cafe equipped with phones and computers for personal use.
Korth and TCC executives Robert Buckley, Barry Gabel, Steven Lindley and Tracy Cartledge brokered the transaction.
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