PHOENIX, AZ—GLL Real Estate Partners, Inc. today announced that it has purchased Broadway 101, a 162,484 s.f. Class A multi-tenant office campus located at 2141-2151 E. Broadway Rd. in Tempe, Ariz.
This is GLL’s second office investment in the Tempe market in the last seven months. In late December, GLL purchased Papago Spectrum, a 159,764 s.f., 91 percent leased Class A office building at Priest Drive and Washington Street, close to the campus of Arizona State University.
The Broadway campus is within five miles of Papago Spectrum and has excellent access to the Loop 101/Price Freeway. The building is 94 percent leased. Tenants include MOOG/Broad Reach Engineering and Amerifirst Financial, Inc. Broadway 101 also serves as the corporate headquarters for Quantum Integrated Solutions, a process control instrumentation and consulting firm. Broadway 101offers underground parking, a card-key access system, on-site deli and property management and insta-suites ready for immediate occupancy.
Senior Vice President Chris Quiett and Senior Associate Eric Ramm represented GLL in the transaction. The seller was represented by Senior Managing Director Dennis Desmond, Senior Vice President Brian Ackerman and Managing Director Dave Seeger, all of the Phoenix office of Jones Lang LaSalle.
About GLL Real Estate Partners
GLL Real Estate Partners GmbH (GLL) is a Munich based real estate funds management group. GLL was formed in 2000 by three senior executives of HypoVereinsbank, Germany’s then largest real estate bank, in a joint venture with Lend Lease Corporation and Italian insurance giant Assicurazioni Generali. Generali has some €420 billion under management and is capitalized at over €25 billion. During 2006 Lend Lease divested and the Group is now majority owned by its management team and the balance remains with Generali. GLL’s funds under management now exceed €4 billion with investments across Western Europe, Central Eastern Europe, South America and the United States. Investors with the Group include pension funds, insurance companies and sovereign entities.