Ascentris and Cypress acquire class A office tower in Tempe, Arizona

Ascentris has purchased 777 Tower at Novus, a six-story, class A office building totaling 161,000 square feet located in Tempe, Ariz. A sales price was not disclosed.

“777 Tower at Novus complements Ascentris’ current investment strategy of targeting high-quality, well-located office buildings within specific growth corridors across the United States,” said Jeffrey Stonger, managing director of Ascentris.

Ascentris acquired 777 Tower at Novus in partnership with San Diego–based Cypress Office Properties. The partnership will implement new marketing initiatives and lease the remaining 28,000-square-foot top-floor vacancy. This transaction marks the second office acquisition between Ascentris and Cypress after acquiring Summit V in Aliso Viejo, Orange County, Calif., in March 2020.

“The strong in-place tenancy and the location of the property within the Novus Innovation Corridor presented an attractive investment profile for both Ascentris and Cypress,�