Scottsdale Forum Office Building Acquired By ING Clarion Partners For $40 Million

Built in 1988, Scottsdale Forum is a three-story, 207,160 square foot office building with attractive Spanish Colonial architecture and frontage on Scottsdale Road. The property is currently 80 percent leased.

“Scottsdale Forum is ideally situated along a high profile road in a very desirable submarket,” said Steve Latimer, Managing Director of ING Clarion Partners. “We anticipate significant demand for that portion of the property that is not currently leased, which will position us to capture the rising rental levels currently being experienced in the marketplace.”

ING Clarion has been an active investor in office, industrial, retail and multi-family properties in the Phoenix marketplace. The firm currently has a portfolio of over $400 million of existing assets or properties under development in the area. Notable recent transactions include the purchase of Surprise Town Center and Marketplace last summer and a current joint venture with Trammell Crow Company on the development of the Max@ Kierland, a 260,000 office building in North Scottsdale.