Asia-Pacific

Microsoft co-founder buys Arizona building: $35M

(Agencies)
Updated: 2010-06-22 10:50

TEMPE, Arizona - Microsoft co-founder Paul Allen reportedly has paid $35 million for an eight-story office building in downtown Tempe, Arizona, creating a buzz in the city over what his real estate company will do with the vacant structure.

Allen's Vulcan Real Estate is a well-funded enterprise that's undertaking one of America's largest redevelopment projects in its hometown of Seattle, where it owns 60 acres (24.28 hectares) in the South Lake Union neighborhood.

Those who are following Vulcan's entrance to Arizona say they expect the company will have a strong presence in the community and attract noteworthy office users and shops.

The Tempe Gateway office building was built by Opus West, but the development dissolved in bankruptcy just as work was wrapping up on the building last summer. No tenants moved into the 260,000-square-foot (24,155-square-meter) building.