Karsten Peterson represented Insignia's group in the sale-leaseback transaction along with Dave Seeger of Insignia's Phoenix office. Peterson tells GlobeSt.com that the new acquisition will lease for $22 per sf.
The seller, Cytec Fiberite, will lease back the third floor of the building. Teradyne occupies the first floor. Together, they occupy 64% of the 13-year-old building.
Peterson said the partial leaseback by Cytec Fiberite, made the building an attractive acquisition for the firm, which holds a total of $803 million in equity in office, industrial, retail, hotel, mixed-use, multifamily and research and development properties throughout the US and Europe. The portfolio is valued at nearly $1.7 billion. Steve Gerhard, formerly of Cushman & Wakefield of Arizona Inc. represented Cytec Fiberite in the deal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
