Buyer Crown-Phoenix LLC has just moved to Arizona, but isretaining its Spokane office, Rick Lee, principal of Lee &Associates Arizona, tells GlobeSt.com. The first in the firm'sArizona portfolio just happens to be "a premier office building,"he says. The property had been on the market for six months andattracted the interest of several bidders.

Seller Hardy & Elliot LLC is a division of the property'sdeveloper, M.F. Diessner Development of Phoenix. Lee and theInsignia/ESG team of Bob Buckley, Steve Lindley and Tracy Cartledgehandled negotiations for both sides of the deal.

Honeywell Corp. at 64,800 sf leads the tenant roster for thethree-year-old building. The 93%-occupied structure contains220,000 rentable sf. The class A building is positioned on 15 acresat 875 W. Elliot Rd. in Tempe's southern tier. Will-HayesArchitects Ltd. designed Elliot Corporate Center I, which was builtby Okland Construction Co. Inc. Lee says the submarket has "anoutstanding labor pool" and good location, positioned just 1 1/2miles east of Interstate 10.