PR Image_Tempe Wells Fargo Land

Cushman & Wakefield Negotiates Sale and Short-Term Lease Back

 PHOENIX, Jan. 26, 2016 – Cushman & Wakefield, a global leader in commercial real estate services, announced today Wells Fargo Bank has sold an office building in the center of Tempe, AZ, for $6.25 million.  The bank has secured a short-term lease to continue occupancy of the 75,000-square-foot building.

Senior Directors Don T. Rodie and Jim Crews of Cushman & Wakefield negotiated the sale and lease on behalf of Wells Fargo. Tivon Moffitt of Colliers International represented an affiliate of Phoenix-based Evergreen Devco in its purchase of the property.

The property, located at 711 W. Broadway Rd., includes 8.68 acres and the 75,000-square-foot office building that is fully occupied by Wells Fargo.

“Wells Fargo has signed a short-term lease to continue use of the property, but the new owner has plans to redevelop the property as part of its long-term hold strategy,” said Mr. Rodie.  “At this point, Evergreen Devco has not determined what specifically will be developed on the site.”

About Cushman & Wakefield

Cushman & Wakefield is a global leader in commercial real estate services, helping clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms in the world with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facilities services (branded C&W Services), global occupier services, investment management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @Cushwake on Twitter.