Tempe – After selling two office buildings within the Centerpoint project in Tempe seven years ago, JP Morgan Chase Bank apparently got the itch to buy back the office structures. Records show JP Morgan Chase paid $57.5 million ($191.67 per foot) to acquire the office buildings, which are at the northwest corner of University Drive and Mill Avenue. The seller in the cash transaction was BREOF Tempe REO LLC, a company formed by Brookfield Asset Management Inc. in New York City, N.Y. (NYSE:BAM). The 300,000-square-foot project is comprised of 180,000- and 120,000-square-foot office buildings at 100 W. University Drive and 150 W. University Drive. The purchase included a parking garage that serves the office complex, which was developed in 1991. The buildings are fully occupied by Chase Credit Card Services, which has about 1,800 employees in the Centerpoint project. Continue reading
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