Chandler Office Center is positioned at 55 N. Arizona Place on2.25 acres of city-owned land that's secured by a long-term groundlease. The building attracted a great deal of interest fromnational institutional investors, as well as local groups. "Weended up with a lot of offers for the property and went into a bestand final," says Dennis Desmond, senior vice president withTrammell Crow Co.'s Phoenix office, who represented the seller. Hesays the deal took some time to close because of a loan assumption,the details of which he can't discuss due to the confidentialityagreement.

"The City of Chandler, particularly downtown Chandler, hasreally grown and become very visible to the institutionalinvestment community," Desmond tells GlobeSt.com. "When theproperty was first built, the response would have been 'where isChandler?' But that's not the case any more. The city's come intoits own. I didn't have to explain to anyone where the buildingwas."

Desmond says that the St. Paul company ultimately got the nod tobuy because it offered one of the highest prices for the building."They were a known entity to the seller's group," he adds. "Theyown other property here in the Valley, are known to be performersand have a real good history here."