Lincoln Property Sells First Building at the Grand

Lincoln Property Co. has sold the first building of the 1.8 million-square-foot class-A office space at The Grand at Papago Park Center in Tempe, AZ. Grand 1, a 219,212-square-foot and four-story office space, traded hands for $90 million.

Located along the Loop 202 freeway at 1101 W. Washington St., Grand 1 is fully occupied by a long-term, multi-story lease to Tokyo-based MUFG, one of the world’s leading financial groups, and a full top floor lease to global logistics leader SAP.

With the sale of Grand 1, LPC has completed three of the top five commercial real estate sales in Arizona in 2019, totaling $270 million between Grand 1, the Waypoint office campus and Lincoln Logistics 40 in Goodyear, which was sold to Nike.