Ascentris, Cypress Claim Novus Innovation Corridor Tower

January 14, 2021

Denver-based Ascentris, in partnership with San Diego-based Cypress Office Properties, LLC, acquired 777 Tower at Novus in Tempe. The six-story Class A office building totals 161,000 square feet and was sold by developer and builder, Ryan Companies, along with JV partner University Realty LLC. for an undisclosed amount.

Ascentris’ Jeffrey Stonger says, “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.”

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 to be delivered in the Novus Innovation Corridor, a 355-acre planned mixed-use, public-private development between ASU and Catellus. The mixed-use district in north Tempe will consist of 11 million square feet of office, residences, hotel, and retail at full buildout.

JLL’s John Bonnell and Ryan Timpani are handling project leasing.

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