PHOENIX—Through a joint venture, Tryperion Partners and Griffin Partners plan to enhance the value of the recently acquired One Agave Center, an 76,795-square-foot multi-tenant office building located in south Tempe. The class A asset is located along Interstate 10 at Warner Road.
"The south Tempe market has seen a change in demand for Class A office space driven by a growing and diversified base of corporate and professional companies," Tryperion partner Eliot Bencuya tells GlobeSt.com. "One Agave Center has great freeway visibility and it will be a significant draw for tenants because Interstate 10 provides easy access to housing, businesses and services throughout the Southeast Valley. Furthermore, the area is experiencing a growth in population."
Bencuya says the commitments from the existing tenants and the above-market vacancy presents a unique blend of stability and upside potential. He is confident that through proactive ownership and leasing they can increase occupancy and benefit from the continued recovery they see in the Phoenix market.
Tryperion's joint venture partner, Griffin Partners, is a vertically-integrated investment and management firm specializing in value-add office projects. "We are eager to partner with Griffin," adds Tryperion partner Joseph Kessel. "The company has proven expertise repositioning underperforming office properties and is well established within the Phoenix market."
"This is an ideal venture with the Tryperion team," says Edward Griffin, president and CEO of Griffin Partners. "We see immense potential to enhance the value of One Agave Center by capitalizing on the demand drivers in the Southeast Valley and the lack of class "A" office product in South Tempe. It is a great opportunity to use our collective capital markets and leasing experience to stabilize the property."
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