TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand 1, an office building within The Grand at Papago Park Center in Tempe. The sale marks the first Class A office building to be developed, fully leased and sold by LPC at the office complex.
Florida-based Susquehanna Holdings Ltd. acquired the property for $90 million. The four-story Grand 1 offers 219,212 square feet of office space, as well as an adjacent four-story parking garage. Tokyo-based MUFG, a financial group, and SAP, a global logistics company, occupy the property on a long-term basis. The building is located at 1101 W. Washington St. along Loop 202 Freeway.
Grand 1 is the first of 1.8 million square feet of Class A office space slated to be developed by LPC at The Grand at Papago Park Center. The mixed-use project totals 60 acres and is slated for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space on the last developable parcel within the 350-acre Papago Park Center business park.
LPC serves as the developer, leasing agent and property manager for all office space at the property. Kevin Shannon, Ken White and CJ Osbrink of Newmark Knight Frank represented LPC in the sale.