Papago Tech — Sale in Tempe, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Office
  • Location: Tempe, AZ
  • Size: 162,782 SF
  • Year built: 1993

Photos

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Description

Jones Lang LaSalle, Inc. ("JLL"), as the exclusive advisor, is pleased to offer qualified investors the opportunity to acquire the fee simple interest in Papago Tech (the "Property"), a two-building office campus totaling 162,782 SF and located in Tempe, Arizona. The Property is currently 100% occupied, with 4.3 years of weighted average lease term remaining, and provides investors with a unique combination of stable in-place cash flows, credit tenancy, a potential long-term redevelopment opportunity, and the opportunity to acquire a stabilized asset on a fee simple basis in one of Metro Phoenix's most dynamic submarkets. The two-building campus configuration offers investors significant operational flexibility in meeting current and future tenant demands while providing immediate cash flow stability. The ability to accommodate both large and small tenant requirements creates substantial leasing advantages, allowing ownership to optimize tenant mix and respond to expansion or contraction needs. This flexibility has yielded exceptional results, with the Property maintaining an average occupancy rate of 94% over the last nine years and demonstrating strong tenant retention through renewals and expansions. THE PROPERTY'S PROVEN OPERATIONAL EXCELLENCE, FLEXIBLE CAMPUS DESIGN, AND STRATEGIC MARKET POSITIONING CREATE MULTIPLE PATHWAYS FOR VALUE PRESERVATION AND LONG-TERM APPRECIATION.

Market Context

This office in Tempe, AZ is listed for sale across 162,782 SF. The building dates to 1993. Compare it against other office listings for sale in Tempe, AZ — view the full market.

As of Q2 2026, the Phoenix office market showed a 23.4% vacancy rate, average asking rents near $31.67/SF/yr, and rents up 2.2% year over year. Source: multiple brokerage reports, Q2 2026.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Office market FAQ

Is the Phoenix office market tightening or softening?
Vacancy is around 23.4%, with asking rents rising year over year (Q2 2026).

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