LOS ANGELES AND PHOENIX—Mesa West has provided Brookfield Asset Management with a $34 million first mortgage loan to refinance a two-building office complex in the Phoenix submarket of Tempe.

The two Class A office buildings, a five-story and adjacent four-story building located at 100 & 150 West University Drive, total 299,000 square feet and are 99 percent occupied. The buildings were part of a portfolio acquired by Brookfield from JP Morgan Chase in 2007. JP Morgan Chase (S&P: A+) continues to occupy 90 percent of the space in the two buildings.

“Downtown Tempe is a tight submarket with a vacancy rate under 15 percent for Class A product, with very few options right now for large blocks of space,” according to Mesa West Associate Jason Bressler who originated the loan. “As a high quality office complex in the heart of downtown Tempe, the property is well positioned to be in high demand and remain occupied over the long-term.”