Real Estate

CBRE sells Tempe office property for $132M

2 buildings total 300,000 square feet

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CBRE announced Thursday the sale of two connected Tempe office buildings for $132 million.

The two-building property totals 300,000 square feet of land, according to a news release. The sale is officially the highest-priced and largest office transaction of the year to date in the region. 

CBRE agents Barry Gabel, Chris Marchildon and Will Mast represented seller Boyer Company. Bryan Taute and Charlie von Arentschildt of CBRE were the leasing agents of the property and secured long-term tenant, Freedom Financial Network. 

“On behalf of The Boyer Company we wish to thank Strategic Office Partners for their seamless execution and thoughtful approach during the entire sales process,” said Boyer Company’s Arizona Partner Adrian Evarkiou in a statement.  He added, “We are very proud of Rio 2100 and the numerous companies that have selected this business park as their office location, along with the restaurants, retail, two hotels and expanding multifamily properties.”

The two newly constructed buildings, located at 2114 and 2116 South Freedom Way, respectively, are situated within the 60-acre Rio2100 business park. The four-story properties feature two parking structures, the largest office building commercial kitchen in the state, high ceilings and access to the Loop 101 and Loop 202 Freeways. Nearby buildings house companies such as Morgan Stanley, Siemens, Grubhub and others. The park also contains two multifamily developments, two hotels and plenty of retail amenities. 

Tempe boasts the lowest vacancy and highest Class-A rental rates in the Phoenix area, according to CBRE research.  Greater Phoenix as a whole has been named a top 10 market among U.S. metros. 

“The Tempe area has developed into the go-to destination for new office investor capital, Class A development, and new-to-market tenants alike,” said Marchildon.

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