JLL Capital Markets today announced the closing of the $86.5 million sale of The Alexander & The Johnathan, a pair of Class A experiential office assets totaling 219,580 square feet in Chandler, Arizona.
JLL represented the seller, George Oliver, and recruited the buyer, Asana Partners. The $86.5 million sale represents a price of $394 per square foot.
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Newly renovated in 2021, The Alexander & The Johnathan has been redesigned to be the premier location for tenants seeking experiential office space with best-in-class amenities, streamlined workplaces, purpose-built suites with a move-in ready design and a health and wellness center focus. The Alexander offers 112,070 square feet and the Johnathan has 107,510 square feet, which together are 93% leased. Shared facilities include a tenant lounge, billiard room, library, bocce courts and outdoor play area, tranquil outdoor garden with swinging daybeds, dog patio, green room and garden. meditation room. Additionally, the property offers free fitness classes, a yoga studio, a fitness center with Peloton bikes and NordicTrack treadmills, and a Kaleidoscope juice bar. Parking is provided by two adjacent structured garages that can accommodate over 1,100 vehicles.
The Alexander & The Johnathan is located at 25 South Arizona Place and 55 North Arizona Place in the heart of downtown Chandler. Chandler offers a walkable downtown filled with shops, restaurants, residential options, and arts and cultural attractions. The properties are easily accessible via State Route 87 and the Loop 202 freeway providing access to the Phoenix metro area as well as Phoenix Sky Harbor International Airport.
The JLL Capital Markets team representing the seller was led by Managing Director Ben Geelan, Managing Director Will Mast and Managing Director Brian Ackerman.
“The Alexander and the Johnathan are two of Metro Phoenix’s most coveted office properties, as evidenced by the property’s recent rental surge,” Geelan said. “Tenants today want modernized buildings with a focus on health and well-being and top-notch amenities, which is exactly what George Oliver’s repositioning of both properties has brought to the market.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.