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Distinctive Tempe Office Sells for $56.2M
The Beam on Farmer, a five-story, 184,000-square-foot office building with a unique primary structure, has traded for $56.2 million. The building is the first in the state to feature exposed Cross Laminated Timber (CLT) construction as the primary structural system. The CLT process utilizes young trees and combines layers of natural timber for an eco-friendly building approach. It was designed by RSP Architects
Cross Ocean Partners and Breakwater Property Partners jointly purchased the Tempe office building.
The building was built in 2022 as a spec office project by developer Mortenson Co. and PGIM Real Estate. Mortenson still has its office in the building, which was 35% leased at the time of the sale. Located at 433 S. Farmer Ave., The Beam is near Mill Avenue, the Tempe Town Lake waterfront and Arizona State University.
Newmark Group Inc.’s team of Barry Gabel, Chris Marchildon and CJ Osbrink brokered the sale on behalf of the seller.
