News

TEMPE, Ariz. (June 27, 2008) –SunCor Development Company charts another major milestone at Hayden Ferry Lakeside, the company’s award-winning mixed-used development, with the sale of a 12-story commercial office tower to HF Lakeside II, LLC, for more than $92 million.

A subsidiary of Sumitomo Corporation of America , HF Lakeside II takes ownership of the recently constructed, class “A” office tower effective Thursday, June 26. The building features 299,540 square feet of space, underground parking and a prime waterfront location on Tempe Town Lake.

“SunCor has done a superb job attracting blue-chip companies to this mixed-use development,” said Robert Obringer, Vice President of HF Lakeside II. “This waterfront property and the overall vision for Hayden Ferry Lakeside are extremely impressive and the quality architecture, construction and central location are what drove us to be a buyer.”

“We see tremendous future development opportunities along the entire waterfront that will capitalize on the growth in the greater Metropolitan Phoenix area.”

The commercial office tower, already 83 percent leased by companies including KPMG, MetLife and Fidelity National Title Insurance, is the second commercial office tower to be developed and sold by SunCor at Hayden Ferry Lakeside. The building will be purchased by HF Lakeside II for $92.5 million.

“Hayden Ferry Lakeside is well on its way to achieving the ultimate vision created by SunCor,” said Randy Levin, vice president of commercial/urban development & design for SunCor. “Vibrant commercial and residential aspects of the development are flourishing. Clearly, the central live-work-play theme of Hayden Ferry Lakeside is striking a chord in this market.”

Since breaking ground on the Hayden Ferry Lakeside project in 1999, SunCor has developed two commercial office towers, two luxury condominium towers, a ten-level (2,500 car) parking structure with a three-story mixed-use urban loft office building fronting it. There are plans in the works for additional commercial and residential structures. The first commercial office tower is owned by Arden Realty, Inc. and was sold by SunCor in 2005.

Hayden Ferry Lakeside is a 43-acre, five million square-foot development of office, commercial, retail and residential space along one mile of the south shore of Tempe Town Lake in Tempe , Ariz.

The sale transaction was negotiated by Executive Director Chris Toci and Director Ted Harrison of Cushman & Wakefield of Arizona, Inc., in cooperation with R.Craig Coppola, Mark Seale, Chris Krewson and Andrew Cheney of Lee & Associates, Arizona, Inc.

For information about Hayden Ferry Lakeside, call 480.966.LAKE (5253) or visit HaydenFerryLakeside.com.