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Marina Heights sale affects Q4 office market

Posted by   /  January 8, 2018  /  No Comments

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At last year’s RED Awards, Ryan Companies U.S., Inc. won the Developer of the Year Award and its Marina Heights project won the award for best office project. /Photo by Mike Mertes/AZ Big Media

AZBEX

Phoenix’s office market is in its fourth year of consecutive annual absorption gains, and the area promised to see an added boost in high profile Class A and “Trophy” assets, as evidenced by the recent $928M sale of the 2MSF, five building Marina Heights – State Farm campus in Tempe, according to the Q4 2017 JLL Phoenix Office Market Insight report.

“The State Farm campus and downtown Tempe area are a nice welcome to Phoenix as you fly into Sky Harbor International Airport,” said JLL Senior Managing Director Dennis Desmond. “The fact that State Farm chose to build this campus off Tempe Town Lake solidifies the area as a central business district of Tempe and further solidifies that market as an economic force in Metro Phoenix.”

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  • Published: 10 months ago on January 8, 2018
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  • Last Modified: January 8, 2018 @ 12:09 pm
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