GLL purchases office campus in Scottsdale’s Old Town district

Lincoln Towne Center, a 230,000- square-foot office property at 4150-4250 N. Drinkwater Blvd., located in Scottsdale’s Old Town district. (Submitted photo)

GLL Real Estate Partners has purchased Lincoln Towne Center, a 230,000- square-foot office property at 4150-4250 N. Drinkwater Blvd. in Scottsdale’s Old Town district.

Lincoln Towne Center consists of two five-story, Class A office buildings that were 93 percent leased at closing, according to a press release. The property, built in 1996, was renovated less than two years ago. Buildings are Energy Star rated and offer parking for up to 937 cars.

Old Town Scottsdale is an emerging technology hub with companies like Yelp, Weebly, and expanding there because of its technology infrastructure, proximity to research institutions such as Arizona State University and affordable housing.

Old Town also offers a vibrant downtown entertainment district with a broad selection of restaurants, bars, cafes, shops and hotels, the release noted. Including Lincoln Towne Center, GLL owns more than 550,000-square-feet of high quality office space in the Phoenix metropolitan area.

Other local holdings include Broadway 101 and Papago Spectrum, both in Tempe.

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