Grand2 in Tempe sells for $187.5M in Arizona’s largest office sale of year

PHOENIX — The Grand2 office building in Tempe has been sold to Apex Capital Investments Corporation for $187.5 million, Lincoln Property Company announced in a press release Tuesday.

The deal is Arizona’s largest office sale of the year and one of the top-five office sales in the southwest United States, according to the release.

The nine story building, located near Priest Drive and Washington Street at Papago Park Center, has been leased by the San Francisco-based food service company Door Dash.

“Grand2 is a stand-out building across the board,” Lincoln Property Company Senior Executive Vice President David Krumwiede said in the release. “Its amenities and location exceed the highest market standards, and it is stabilized by a full-building, long-term credit tenant that is exploding with growth, especially during the COVID-19 pandemic.”

With 358,000 total square feet, Grand2 features a 13,000-square-foot indoor/outdoor lobby, an amenity lounge with TVs, a gym, and office and conference spaces. Office suites include 10 foot by 14 foot windows that overlook a one-of-a-kind water feature.

The LEED certified building also has an underground parking garage and a rooftop deck with views of Papago Park.

Grand2 is part of a sweeping 1.8 million-square-foot development at Papago Park Center by Lincoln Property.

The company hopes to continue expanding the complex to 3.2 million square feet of space featuring offices, restaurants, retail shops and more.