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Crow Holdings' $53M Office Buy Breaks Per SF Record

TEMPE, AZ-The Dallas-based investment group beats out 14 would-be buyers to gain title to Hayden Ferry Lakeside, a 203,100-sf, class A-plus office building. The eight-story property trades for $261 per sf, a new record for the local market.

By Jennifer D. Duell | Updated on July 20, 2005

TEMPE, AZ-Following a long line of high-profile office property sales, Hayden Ferry Lakeside has traded to Crow Holdings Realty Partners III LP, an affiliate of Dallas-based Crow Holdings. The 203,100-sf, class A-plus office building generated $53 million or $261 per sf, a record price for an office property in the city.

“This sale represents the continuing trend of strong demand for major office properties,” Jim Fijan, an executive vice president with CB Richard Ellis Inc., tells GlobeSt.com about the eight-story building at 80 E. Rio Salado Parkway on the shore of Tempe Town Lake. “All the pricing is off the charts and nothing in Tempe has ever sold for this much.”

Crow Holdings was one of 15 potential buyers vying for the asset, says Robert Burnand, a vice president with Trammell Crow Co.’s Phoenix office. He, Fijan and CBRE’s Jerry Roberts brokered the deal.

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