The recently sold Beam on Farmer, a five-story office building spanning 184,000 square feet and boasting a unique primary structure, has been acquired for $56.2 million. This state-of-the-art building is the first in Arizona to utilize exposed Cross Laminated Timber (CLT) construction as its main structural system. The CLT process incorporates layers of natural timber from young trees for an environmentally-friendly approach to building design. RSP Architects was responsible for the innovative design.
Cross Ocean Partners and Breakwater Property Partners have jointly purchased this impressive Tempe office space.
Originally constructed in 2022 by Mortenson Co., with PGIM Real Estate as co-developer, The Beam on Farmer was built as a spec project specifically designed for office use. Despite being only partially leased at the time of sale (35%), Mortenson still maintains an office within the premises which are located at 433 S.Farmer Ave., conveniently close to Mill Avenue’s bustling commercial district, Tempe Town Lake waterfront area and Arizona State University.
Barry Gabel, Chris Marchildon and CJ Osbrink from Newmark Group Inc.’s team acted as brokers during this transaction representing the seller.
This distinctive Tempe-based property has recently changed hands after selling for $56.2 million.The five-story structure spans over 184000 square feet and boasts a unique primary structure that sets it apart from other buildings in its class.This state-of-the-art facility is also noteworthy because it features exposed Cross Laminated Timber (CLT) construction – making it one of Arizona’s first eco-friendly structures.The CLT process involves using layers of natural timber sourced from young trees – resulting in sustainable development practices.RSP Architects were responsiblefor designing this innovative space that stands out amongst othersin terms of both form & function.Cross Ocean Partners & Breakwater Property Partnerstook joint ownershipofthis remarkableTempe-basedoffice building.
The Beam on Farmer was originally constructed in 2022 by Mortenson Co. and PGIM Real Estate as a spec office project.Despite being only partially leased at the time of sale (35%), Mortenson still maintains an office within the premises which are located at 433 S.Farmer Ave., conveniently close to Mill Avenue’s bustling commercial district, Tempe Town Lake waterfront area and Arizona State University.
Newmark Group Inc.’s team comprising of Barry Gabel, Chris Marchildon and CJ Osbrink acted as brokers during this transaction representing the seller.
