April 5, 2017
JP Morgan Chase acquired 67 acres and four buildings totaling 770,000 square feet at Discovery Business Campus in Tempe, AZ where it plans to develop a new office campus. Chase paid $108 million for the property to a partnership between Phoenix-based Wentworth Property Co. and New York-based Northwood Investors.
The project is expected to commence later this year for the site located at Elliot Road and Loop 101 freeway. The initial phase of the project will be ready for occupancy in 2018.
The financial services firm plans to shift some of its 2,000 workers at Chase Tower in Downtown Phoenix to the new campus. Eventually, Chase plans to have up to 4,000 employees at the Tempe campus.
CBRE’s Kevin Calihan represented the buyer.
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