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TEMPE, AZ-Insignia/ESG’s co-investment group has acquired a three-story, 45,238-sf office building overlooking a lake in the prestigious Arizona State University Research Park for more than $10 million. The acquisition included an option to purchase an abutting 88,474-sf research and development building.

Karsten Peterson represented Insignia’s group in the sale-leaseback transaction along with Dave Seeger of Insignia’s Phoenix office. Peterson tells GlobeSt.com that the new acquisition will lease for $22 per sf.

The seller, Cytec Fiberite, will lease back the third floor of the building. Teradyne occupies the first floor. Together, they occupy 64% of the 13-year-old building.

Peterson said the partial leaseback by Cytec Fiberite, made the building an attractive acquisition for the firm, which holds a total of $803 million in equity in office, industrial, retail, hotel, mixed-use, multifamily and research and development properties throughout the US and Europe. The portfolio is valued at nearly $1.7 billion. Steve Gerhard, formerly of Cushman & Wakefield of Arizona Inc. represented Cytec Fiberite in the deal.

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