News release

Pair of experiential Metro Phoenix office buildings trade for $86.5M

JLL Capital Markets led sales efforts for The Alexander & The Johnathan, a two-building Class A office complex in Chandler, Arizona

March 31, 2022

Kristen Murphy

Investor PR, Capital Markets, Hotels, Property Management, Valuation Advisory, Agency Leasing
+1 617 848 1572

PHOENIX, March 31, 2022 – JLL Capital Markets announced today that it has closed the $86.5 million sale of The Alexander & The Johnathan, a pair of Class A experiential office assets totaling 219,580 square feet in Chandler, Arizona.

JLL represented the seller, George Oliver, and procured the buyer, Asana Partners. The $86.5 million sale represents a $394 per-square-foot price.

Recently renovated in 2021, The Alexander & The Johnathan were re-imagined to be the premier location for tenants seeking experiential office space with best-in-class amenities, streamlined workplaces, spec suites with move-in-ready design and a health and wellness focus. The Alexander offers 112,070 square feet and The Johnathan features 107,510 square feet, which together are 93% leased. Shared amenities include a tenant lounge, billiards room, library, bocce ball courts and outdoor gaming area, an outdoor tranquil garden with swinging daybeds, dog patio, green room and meditation room. In addition, the property offers complimentary fitness classes, a Yoga studio, a fitness center with Peloton bikes and NordicTrack treadmills and a Kaleidoscope Juice bar. Parking is provided via two adjacent structured garages with availability for more than 1,100 vehicles.

The Alexander & The Johnathan are located at 25 South Arizona Place and 55 North Arizona Place in the heart of downtown Chandler. Chandler offers a walkable downtown filled with shopping, dining, residential options and arts and cultural attractions. The properties are easily accessible to State Route 87 and the Loop 202 freeway providing access to the Metro Phoenix area as well as the Phoenix Sky Harbor International Airport.

The JLL Capital Markets team representing the seller was led by Managing Director Ben Geelan, Senior Director Will Mast and Managing Director Brian Ackerman.

“The Alexander and The Johnathan are two of the most coveted office buildings in Metro Phoenix evidenced by the recent wave of leasing momentum at the property,” Geelan said. “Tenants today desire modernized buildings with a health and wellness focus and best-in-class amenities, which is exactly what George Oliver’s repositioning of the two properties brought to the market.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About George Oliver

George Oliver LLC is a locally based commercial real estate company that operates on the cutting edge of office and industrial workspace environments. George Oliver believes your workspace should enhance productivity, improve employee retention, and help your business better compete in an increasingly volatile marketplace.

Healthy, happy, and productive workspaces are giving businesses the upper hand, and unrivaled design, amenities and tenant experiences are front-and-center in every one of their buildings. Experience the difference yourself at their award-winning buildings in Phoenix, Chandler, Scottsdale, Austin and Denver. To learn more, visit georgeoliver.com

About Asana Partners

Asana Partners is a vertically integrated real estate investment company that creates value by acquiring, enhancing, and operating distinctive mixed-use and retail properties in dynamic urban and near-urban neighborhoods in the United States. For more information, visit: asanapartners.com