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Arch Street Capital Snags Phoenix-Area Tech Center

| Commercial Real Estate News, Deals, Office, Technology| Views: 177


The El Dorado Tech Center in Gilbert, Ariz., an office building 100% leased to GoDaddy.com, has a new owner. Arch Street Capital Advisors, a real estate investment advisory firm, has recently announced the acquisition of the property on behalf of an institutional client.

2299 West Obispo Avenue, Gilbert (Yardi Matrix)

According to Yardi Matrix data, that client is Dubai-based BMA International, which snatched the 180,480-square-foot Class B asset from Everest Holdings in a $39 million transaction—equating to $216 per square foot.

“We are pleased to enter the thriving Phoenix tech office market with the purchase of a high quality, well-located asset like El Dorado Tech Center,” Damian Taylor, SVP at Arch Street Capital Advisors, said in a statement.

Located on a roughly 13-acre site at 2299 West Obispo Avenue, the office building has been fully leased to GoDaddy since September 2017, per Yardi Matrix data. The publicly traded Internet domain registrar and web hosting company signed a 10-year lease for the property, ending in August 2027.

The two-story concrete tech center was built in 1997 and is currently in the final stages of a capital improvement program initiated by GoDaddy that aims to transform the building into state-of-the-art creative office space.

The El Dorado Tech Center is part of the Chandler/Gilbert submarket, a premier office and corporate campus market within the greater Phoenix metro area. The region is nicknamed ‘the Silicon Desert,’ due to the plethora of notable high-tech companies operating there, including IBM, Intel, Amazon, Apple, and Accenture.

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