Scottsdale building housing PayPal purchased for $30M

90 Mountain View Phase II is a three-story, 92,562-square-foot, single-tenant office building occupied by PayPal. (Submitted photo)

Cushman & Wakefield announced that 90 Mountain View Phase II at 9999 N. 90th Street in Scottsdale was purchased for $30.5 million by Denver-based Buchtel Realty Investors, from Los Angeles-based Regent Properties.

Steve Lindley, Bob Buckley, Tracy Cartledge of Cushman & Wakefield Phoenix, along with Andrew Bogardus and Douglas Longyear of Cushman & Wakefield San Francisco, negotiated the transaction on behalf of the seller – Regent Properties, according to a press release.

Rob Edwards and Tom Ethington, principals at Pinnacle Real Estate Advisors, represented the purchaser, a private family owned real estate company, the release noted.

The release described 90 Mountain View Phase II as a three-story, 92,562-square-foot, single-tenant office building occupied by PayPal, serving as one of its four global Network Operations Centers.

Developed in 2005, the Class A, property has millions invested in the building for the “mission-critical operations center” use. PayPal’s other three Network Operations Centers are in Silicon Valley, India and Malaysia, the release said.

“The property was an ideal investment for risk-averse buyers, including a long-term lease, prestigious Scottsdale address, well known credit tenant, and mission-critical use,” said Mr. Lindley in a prepared statement.

The LEED Silver and Energy Star-certified building features mountain views, the release added. Located in the center of Scottsdale, the property is freeway accessible for employees.

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