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TEMPE, AZ-Vulcan Real Estate has made its first investment outside of the Seattle market, paying $35 million for Tempe Gateway, a class A office building. The company, which is the real estate investment arm of Microsoft co-founder Paul Allen’s Vulcan Inc., acquired the eight-story, 260,000-square-foot property from the lender. The acquisition was brokered by the CBRE’s investment sales team of Jim Fijan, Jerry Roberts and Corey Hawley.

The acquisition marks the company’s efforts to diversify its assets, according to Ada Healey, vice president of real estate at Vulcan Inc. She tells GlobeSt.com that Vulcan is looking for acquisition opportunities in Phoenix and Southern California.

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