The Fortune 500 and S&P 500 company, CBRE, has completed its $86 million sale of the Hayden Ferry Lakeside II property.
The property is located at 60 E. Rio Salado parkway in Tempe. The seller remains undisclosed and was represented by CBRE’s Brad Anderson and Bryan Taute, along with Kevin Shannon, Todd Tydlaska and Ken White from the firm’s California office.
CBRE’s Jim Fijan, of Phoenix, represented the buyer, who also owns the adjacent Hayden Ferry Lakeside I and is an affiliate of Parkway Properties.
The Hayden Ferry Lakeside II is a 12-story Class A multi-tenant office building and is located within a 1.6 million square feet project. This project includes offices, retail and residential condominium units. The building, built in 2007, was 95% occupied at the time of sale.
The location of the building creates for a vibrant environment for tenants, as it is set along Tempe Town Lake, and is surrounded by countless dinning and shopping venues on the Mill Avenue entertainment district.
“The Phoenix office leasing market has turned and is gaining momentum. It was one of only eight office markets nationally that absorbed over 1.8 million square feet in 2011, with much of that absorption focused in Class A office assets like Hayden Ferry Lakeside. This transaction again demonstrated capital’s continued desire for core office product.” said CBRE’s Shannon.
Taute added, “The significant lease up over the last 18 months and subsequent sale is a testament to the quality of the building. We anticipate leasing demand for this project to continue for the foreseeable future.”
For more information on the largest commercial real estate services firm (in terms of 2011 revenue), visit their website at www.cbre.com.
The company, with nearly, 34,000 employees, provides services for real estate owners, investors, and occupiers.