Denver, CO (December 30, 2020)
Ascentris, a Denver-based real estate private equity firm, announced the purchase of 777 Tower at Novus, a six-story Class A office building totaling 161,000 square feet located in Tempe, AZ. The official sale closed on December 24.
777 Tower at Novus was constructed in 2020 and is currently 83% leased to Arizona State University and IT services and consulting firm Infosys Limited. It is the first office building delivered in the Novus Innovation Corridor, a 355-acre planned mixed-use public-private development between Arizona State University and Catellus.
At full buildout, the Novus Innovation Corridor will include approximately 11 million square feet of office, residential, hotel and retail space within a live-work-play master-planned district that includes pedestrian thoroughfares, street-level retail and outdoor gathering spaces.
The property’s central location in North Tempe allows easy access to major employment centers including Downtown Phoenix, Scottsdale, Chandler, Mesa and Gilbert. Its proximity to Arizona State University’s primary campus and inclusion within the Novus Innovation Corridor allows businesses to foster academic-corporate partnerships through access to faculty, student talent and research programs.
Ascentris acquired 777 Tower at Novus in partnership with San Diego-based Cypress Office Properties, LLC (“Cypress”). The partnership will implement new marketing initiatives and lease the remaining 28,000 square feet of top-floor vacancy. This transaction marks the second office acquisition between Ascentris and Cypress after acquiring Summit V in Aliso Viejo, California in March 2020.
“777 Tower at Novus complements Ascentris’ current investment strategy of targeting high-quality, well-located office buildings within specific growth corridors across the United States,” said Jeffrey Stonger, Managing Director of Ascentris. “We are excited to establish a long-term partnership with Arizona State University and together capitalize on its industry-leading public-private development of the Novus Innovation Corridor.”
“We are pleased to be partnering with Ascentris in the acquisition of 777 Tower,” said Mark Wayne, Principal with Cypress. “The strong in-place tenancy and the location of the property within the Novus Innovation Corridor presented an attractive investment profile for both Ascentris and Cypress.”
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2.1 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across major property types and geographic regions within the United States.
Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that allows investors to access opportunities ahead of the market while receiving a high level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser committed to putting its investors’ needs first.
Additional information is available at www.ascentris.com.
About Cypress Office Properties, LLC
Cypress Office Properties, LLC is a San Diego-based real estate investment and operating company specializing in acquisitions of value-add, redevelopment and core-plus office properties in key markets across the Southwest United States.
The company primarily focuses on Southern California, Phoenix and Denver, where it sees strong upside potential. Since its founding in 2009, Cypress has developed a portfolio of sixteen office projects totaling approximately 3.3 million square feet. For more information, visit www.CypressOffice.com
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