Griffin Capital Corporation announced, on behalf of Griffin Capital Essential Asset REIT II, Inc. the closing of a 300,000 s/f, three-story, data center building and 213,361 s/f, four-story office building in Phoenix, Arizona.
The property is leased to American Express Travel Related Services Company, Inc., a subsidiary of American Express Company which is ranked #90 on the 2014 Fortune 500 list and a Dow Jones Industrial Average component company.
The Property is part of the American Express Beardsley Campus which was developed as a build-to-suit for the tenant in the 1980s.
Commenting on the acquisition, Louis Sohn, Griffin Capital’s director of Acquisitions, said, “We are pleased to acquire this critical operating asset whereby the tenant has continued to demonstrate a meaningful financial commitment over several decades.”
Michael Escalante, Griffin Capital’s Chief Investment Officer and President of the REIT added, “We are very familiar with this particular credit and the Phoenix property market and firmly believe that both shall provide a solid foundation for the REIT as we continue to grow our portfolio.”
The seller was represented by Jim Fijan in the Phoenix office of CBRE.
