TEMPE, Ariz.--(BUSINESS WIRE)--
Tryperion Partners and Griffin Partners have formed a joint venture to acquire One Agave Center, an 76,795-square-foot multi-tenant office building located in South Tempe, Arizona. The class “A” asset is conveniently located along Interstate 10 at the full interchange of Warner Road, providing tenants ideal freeway access, visibility and proximity to the numerous retail amenities within Phoenix’s burgeoning Southeast Valley.
“The commitments from the existing tenants and the above-market vacancy presents a unique blend of stability and upside potential,” said Tryperion partner Eliot Bencuya. “We are confident that, through proactive ownership and leasing, we can increase occupancy and benefit from the continued recovery we are seeing in the Phoenix market.”
Tryperion’s joint venture partner, Griffin Partners, is a vertically-integrated investment and management firm specializing in value-add office projects. Griffin brings over 30 years of experience owning and managing institutional office space. “We are eager to partner with Griffin,” added Tryperion partner Joseph Kessel. “The company has proven expertise repositioning underperforming office properties and is well established within the Phoenix market.”
“This is an ideal venture with the Tryperion team,” added Edward Griffin, president and CEO of Griffin Partners. “We see immense potential to enhance the value of One Agave Center by capitalizing on the demand drivers in the Southeast Valley and the lack of class “A” office product in South Tempe. It is a great opportunity to use our collective capital markets and leasing experience to stabilize the property.”
About Tryperion Partners
Tryperion Partners is a Los Angeles-based private real estate investment firm focused on value-add office, retail, hospitality, and multifamily investments in secondary western U.S. markets. Tryperion’s founders have acquired and managed assets valued in excess of $4.5 billion across all major commercial property types. Tryperion acquired the property through its Tryperion RE Fund I, L.P., a $50 million fully discretionary commingled fund closed in May 2013. For more information, visit www.tryperion.com.
About Griffin Partners
Griffin Partners is an owner and operator of commercial real estate properties throughout Texas and Arizona with a current portfolio of 4 million square feet valued at over $570 million. The company was formed in 1980, and its four senior principals average over 35 years each of diverse real estate experience. Griffin Partners has acquired or developed over 9 million square feet of office and light industrial property since its founding valued at over $1.1 billion. Griffin Partners is currently investing on behalf of its fully discretionary fund, Griffin Partners Office Fund II, L.P. For more information, visit www.griffinpartners.com.
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Anne Sage, (310) 636-1888