The New York City-based Lexington Corporate Properties Trust acquired the eight-year-old, class A office building at 15501 N. Dial Blvd. in spring 2005 from Wells Real Estate Investment Trust of Atlanta. The asset was one of 27 office and industrial properties in a $786-million portfolio buy.
Dial's headquarters is situated on 8.8 acres in Scottsdale Airpark. "This is one of the few value-add deals we've seen in Scottsdale in the past couple of years," Gregory White of CB Richard Ellis' Phoenix office tells GlobeSt.com.
Dial Corp, acquired in 2004 by Henkel KGaA in Germany, is uncertain whether it will remain in the headquarters building once its 10.5-year lease expires in 2008. However, Crown's official word is it definitely plans to work hard to keep Dial in the Valley. "We want to let Dial and Scottsdale leaders know that we want the company at this site and are prepared to work hard to keep them here for the long-term," says Robert Flaxman, Crown's president. "We are also prepared to work with other nearby property owners and their exciting projects if that can make a difference to keeping Dial in Scottsdale."
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