GLL Partners Acquires Broadway 101 Center for $27.1m

Picture 12Vizzda—July 17th, 2013 — The Broadway 101 Center—an 162,632 ft2 office complex located at the southwest corner of the Loop 101 and Broadway Road in Tempe—was sold by Lasalle Investment Management, the asset management-affiliate of Jones Lang Lasalle. The buyer was Munich, Germany-based GLL Real Estate Partners who paid $27.1m in cash for the property or $166.63 per square foot.

The complex is comprised of two 2-story buildings of 81,316 ft2 each, built 1998 on a 9.94 acre site, zoned PCC-1. The property includes surface parking as well as a 78,600 ft2 sub-grade parking structure. The two buildings, 2141 and 2151 East Broadway Road, received EnergyStar® ratings of 82 and 88 in 2012—the most recent year for which ratings are available.

The offices were acquired from their original developer, Denali National Trust, on August 16th, 2000 for $22m or $135.27 per square foot by PMRealty Advisors, the in-house real estate arm of Pacific Life. When Pacific Life decided to wind down PMRealty Adivsors in January of 2003, Lasalle Investment Management was able to acquire the special purpose entity with title to the property in an unrecorded transaction.

By:

Paul Dionne

Director of Analytics

Vizzda.com

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