Ryan Cos. Sells Office Building Near Arizona State University
- Dec 30, 2020
A partnership between Ascentris and Cypress Office Properties has acquired 777 Tower, a 169,223-square-foot Class A office building in Tempe, Ariz. Ryan Cos. and University Realty LLC sold the property, which was completed in July 2020.
The building is part of the Novus Innovation Corridor, a 350-acre mixed-use development adjacent to the Arizona State University campus. Upon completion, the multi-phased project is expected to encompass some 10 million square feet, including 300,000 square feet of retail and 4 million square feet of office space, as well as 3,600 residential units.
The six-story building at 777 South Novus Place offers 160,000 square feet of office and 8,300 square feet of retail space. Located on the corner of Rural Road and University Drive, the 1.4-acre site is 11 miles east of downtown Phoenix.
At the time of the transaction, 777 Tower was 83 percent leased to Arizona State University and Infosys. ASU occupies 80,511 square feet, including the retail component, while the global digital services and consulting company leases more than 61,000 square feet.
According to CommercialEdge, the property is subject to a 99-year unsubordinated net ground lease held by Arizona Board of Regents. The new ownership is set to find a tenant for the 28,000-square-foot vacant top floor.
Earlier this year, Ryan Cos. broke ground on JEA’s new headquarters in Jacksonville, Fla. Wells Fargo provided $63 million in construction financing for the 153,000-square-foot project, set to come online in 2022.