GLL Real Estate Partners has completed the purchase of Lincoln Towne Center, a 230,000 square foot office property at 4150-4250 N. Drinkwater Boulevard in Scottsdale’s Old Town district for $69.1 million.
The seller of Lincoln Towne Center was Transwestern Investment Group and the property was marketed by Eastdil.
Lincoln Towne Center consists of two five-story, Class A office buildings which were 93-percent leased at closing. The property was constructed in 1996 and extensively renovated less than two years ago. The buildings are Energy Star rated and offer parking for up to 937 cars.
Old Town Scottsdale is an emerging technology hub with companies like Yelp, Weebly, and Indeed.com expanding there because of its technology infrastructure, proximity to research institutions such as Arizona State University and housing affordability. Old Town also offers a vibrant Downtown Entertainment District with a broad selection of restaurants, bars, cafes, shops and hotels.
Including Lincoln Towne Center, GLL currently owns more than 550,000 square feet of high quality office space in the Phoenix Metro area. Its other local holdings include Broadway 101 and Papago Spectrum, both in nearby Tempe.
Jerry Roberts and Pat Boyle, both of Cushman & Wakefield, have been awarded the leasing assignment for Lincoln Towne Center. CBRE will provide property management.
GLL Real Estate Partners, formed in 2000, is a globally-active real estate fund management group with 14 offices across the US, Europe, Asia, and Australia. The group, which is owned by its management team, currently manages USD 7 billion. In 2016, GLL transacted approximately USD 1.6 billion. GLL currently manages 16 funds employing varying commercial property strategies serving an investor group that includes pension funds, insurance companies and sovereign entities.