{"id":1004218425,"date":"2018-04-11T01:42:00","date_gmt":"2018-04-11T09:42:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004218425"},"modified":"2022-12-09T02:27:57","modified_gmt":"2022-12-09T10:27:57","slug":"lincoln-property-jv-expands-phoenix-area-mixed-use-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-expands-phoenix-area-mixed-use-campus\/","title":{"rendered":"Lincoln Property, Goldman Sachs Expand Phoenix-Area Campus"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004218440\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/The-Grand-at-Papago-Park-Center-Tempe-Ariz..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004218440\" data-attachment-id=\"1004218440\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-expands-phoenix-area-mixed-use-campus\/the-grand-at-papago-park-center-tempe-ariz\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/The-Grand-at-Papago-Park-Center-Tempe-Ariz.-e1523439294397.jpg\" data-orig-size=\"1440,1080\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1522324921&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"The Grand at Papago Park Center, Tempe, Ariz.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Grand at Papago Park Center, Tempe, Ariz.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/The-Grand-at-Papago-Park-Center-Tempe-Ariz.-e1523439294397.jpg?w=1024\" class=\"wp-image-1004218440 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/The-Grand-at-Papago-Park-Center-Tempe-Ariz.-e1523439294397.jpg\" alt=\"The Grand at Papago Park Center, Tempe, Ariz.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/The-Grand-at-Papago-Park-Center-Tempe-Ariz.-e1523439294397.jpg 1440w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/The-Grand-at-Papago-Park-Center-Tempe-Ariz.-e1523439294397.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/The-Grand-at-Papago-Park-Center-Tempe-Ariz.-e1523439294397.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/The-Grand-at-Papago-Park-Center-Tempe-Ariz.-e1523439294397.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004218440\" class=\"wp-caption-text\">The Grand at Papago Park Center, Tempe, Ariz.<\/p><\/div>\n<p>Lincoln Property Co. is doing it again. The full-service real estate firm has teamed up with Goldman Sachs to develop\u00a0the second\u00a0office tower at <a href=\"https:\/\/www.commercialsearch.com\/news\/the-grand-at-papago-park-center-unveiled-in-suburban-phoenix\/\">The Grand at Papago Park Center<\/a>\u00a0in Tempe, Ariz. The partnership recently broke\u00a0ground on the 352,000-square-foot speculative property, which will be part of the 1.8 million square feet of office offerings at the suburban Phoenix live-work-play destination. The development is scheduled for completion in the second quarter of 2019.<\/p>\n<p>LPC and Goldman were tapped by Papago Park Center Inc., an entity of Salt River Project and master developer of <a href=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-picked-for-office-project-at-the-grand-papago-park-center\/\">The Grand<\/a>, in 2015 to bring the mixed-use community\u2019s eight-building office segment to fruition. Sprouting up at 1027 W. Roosevelt Way, the state-of-the-art Building Two will answer a loud cry in the local office market.\u00a0The property is part of a 60-acre mixed-use project that will consist of 3.2 million square feet upon full build-out.\u00a0<em>\u201cThe demand for creative, modern Class A office space is still extremely strong&#8211;not just in Tempe but across metro Phoenix,\u201d<\/em> David Krumwiede, executive vice president with Lincoln Property Co., told <em>Commercial Property Executive<\/em>.<\/p>\n<p>LPC and Goldman have tapped commercial real estate services firm Cushman &amp; Wakefield to oversee leasing of Building Two, while Whiting-Turner serves as general contractor for the project. Designed by architectural firm DAVIS, Building Two will provide more than premier office digs. The nine-story tower will also feature a 10,000-square-foot amenity lounge on the first floor, a rooftop lounge and a private fitness facility.<\/p>\n<h2>Taking Tempe&#8217;s temperature<\/h2>\n<div id=\"attachment_1004168158\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/DaveKrumwiede_LPC_2016-e1488542761861.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004168158\" data-attachment-id=\"1004168158\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-co-expands-phoenix-office-portfolio\/davekrumwiede_lpc_2016\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/DaveKrumwiede_LPC_2016-e1523439418798.jpg\" data-orig-size=\"983,739\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a92012 Jennifer Bush&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Dave Krumwiede, Lincoln Property Co.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Dave Krumwiede, Lincoln Property Co.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/DaveKrumwiede_LPC_2016-e1523439418798.jpg?w=983\" class=\"wp-image-1004168158 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/DaveKrumwiede_LPC_2016-e1523439418798.jpg\" alt=\"Dave Krumwiede, Lincoln Property Co.\" width=\"300\" height=\"226\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/DaveKrumwiede_LPC_2016-e1523439418798.jpg 983w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/DaveKrumwiede_LPC_2016-e1523439418798.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/DaveKrumwiede_LPC_2016-e1523439418798.jpg?resize=768,577 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004168158\" class=\"wp-caption-text\">Dave Krumwiede, Lincoln Property Co.<\/p><\/div>\n<p>In 2017, LPC and Goldman delivered\u00a0completed the first of The Grand\u2019s Class A office buildings, a 213,000-square-foot speculative project and one of the largest <a href=\"https:\/\/www.commercialsearch.com\/news\/top-10-phoenix-office-completions-in-2017\/\">Phoenix office\u00a0completions in 2017<\/a>. The property is already at maximum occupancy. A quick lease-up may very well be in the cards for Building Two as well. With a current Class A vacancy rate of less than 2 percent according to Krumwiede, the Tempe office market is on fire.<\/p>\n<p><em>\u201cWhat sets Tempe apart is its ability to deliver advantages that go above and beyond in terms of what businesses and up-and-coming professionals want in their workplace; things like a vibrant downtown, an educated workforce coming out of Arizona State University and a connected Light Rail, freeway and airport system,\u201d<\/em> Krumwiede said. <em>\u201cCombine these benefits with a strong and still-growing Phoenix economy, and Tempe is in a very enviable position when it comes to the runway for future office activity. The Grand is positioned to fill that demand with what we&#8217;re calling Class AA space for either full-building or multi-tenant uses.\u201d<\/em><\/p>\n<p><em>Images courtesy of Lincoln Property Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The partners will develop the second office tower at the 3.2 million-square-foot The Grand at Papago Park Center in Tempe, Ariz. <\/p>\n","protected":false},"author":969,"featured_media":1004508489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21752,21742,21747,1601,15],"tags":[32799,33435,32838,33132],"class_list":["post-1004218425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-mixed-use","category-latest","category-office","category-phoenix","category-west","tag-cushman-wakefield","tag-goldman-sachs","tag-lincoln-property-company","tag-whiting-turner"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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