Cushman & Wakefield Arranges $842.5 Million Sale Of Iconic Hayden Ferry Lakeside Office Tower

27 Jun, 2008, Tempe, AZ

SunCor Development Company charts another major milestone at Hayden Ferry Lakeside, the company’s award-winning mixed-used development, with the sale of a
12-story commercial office tower to HF Lakeside II, LLC.

A subsidiary of Sumitomo Corporation of America , HF Lakeside II takes ownership of the recently constructed, class “A” office tower effective Thursday, June 26. The building features 299,540 square feet of space, underground parking and a prime waterfront location on Tempe Town Lake.

“SunCor has done a superb job attracting blue-chip companies to this mixed-use development,” said Robert Obringer, Vice President. “This waterfront property and the overall vision for Hayden Ferry Lakeside are extremely impressive and the quality architecture, construction and central location are what drove us to be a buyer.”

“We see tremendous future development opportunities along the entire waterfront that will capitalize on the growth in the greater Metropolitan Phoenix area.”

The commercial office tower, already 83 percent leased by companies, including KPMG, MetLife and Fidelity National Title Insurance, is the second commercial office tower to be developed and sold by SunCor at Hayden Ferry Lakeside. The building will be purchased by HF Lakeside II for
$92.5 million.

“Hayden Ferry Lakeside is well on its way to achieving the ultimate vision created by SunCor,” said Randy Levin, vice president of commercial/urban development & design for SunCor. “Vibrant commercial and residential aspects of the development are flourishing. Clearly, the central live-work-play theme of Hayden Ferry Lakeside is striking a chord in this market.”

Since breaking ground on the Hayden Ferry Lakeside project in 1999, SunCor has developed two commercial office towers, two luxury condominium towers, a ten-level (2,500 car) parking structure with a three-story mixed-use urban loft office building fronting it. There are plans in the works for additional commercial and residential structures. The first commercial office tower is owned by Arden Realty, Inc. and was sold by SunCor in 2005. The 40-unit Edgewater condominium tower is fully sold and occupied. A second 12-story condominium tower, Bridgeview, was completed in January 2008, with nearly half of the residents occupying the 104 luxury condo units.

Hayden Ferry Lakeside is a 43-acre, five million square-foot development of office, commercial, retail and residential space along one mile of the south shore of Tempe Town Lake in Tempe , Ariz.

The sale transaction was negotiated by Executive Director Chris Toci and Director Ted Harrison of Cushman & Wakefield of Arizona, Inc., in cooperation with R.Craig Coppola, Mark Seale, Chris Krewson and Andrew Cheney of Lee & Associates, Arizona, Inc.

For information about Hayden Ferry Lakeside, call 480.966.LAKE (5253) or visit www.HaydenFerryLakeside.com.

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About HF Lakeside II/Sumitomo Corporation of America

Sumitomo Corporation of American (SCOA), is a fully integrated trading and investment enterprise with offices in 11 major U.S. cities. SCOA is the largest wholly owned subsidiary of Sumitomo Corporation (SC), an integrated global trading firm with diversified investments and businesses. Established in 1952, and headquartered in New York, SCOA is involved in a wide range of industries. www.sumitomocorp.com

About SunCor Development Company

Tempe, Ariz.-based SunCor Development Company is a subsidiary of Fortune 100 company Pinnacle West Capital Corporation (NYSE: PNW), conducting business in the Mountain West Region through six diverse business sectors: community homebuilding, master-planned communities, commercial development, mixed-use urban development, SunCor Golf—a golf course development and management company, and SunCor Financial—a mortgage brokerage company.

This year, SunCor celebrates its 22 year in business, and has projects underway in Arizona, Idaho, New Mexico and Utah.

Since its inception in 1986, SunCor has:

Grown from four to 700 employees
Created 18 master-planned communities
Built homes for 13,000 families
Outlined plans for constructing another 20,000 homes
Built 26 commercial and retail centers where 500 entrepreneurs do business
Completed contstruction of 5 million square feet of retail space
Built eight golf courses that host 300,000 rounds of golf each year
Begun construction of Hayden Ferry Lakeside, a visionary mixed-use development that will create 5 million square feet of office-commercial-retail-residetial space along one mile of the south shore of Tempe Town Lake in Tempe, Ariz.
Begun construction of Palm Valley 303, a 1,600-acre master-planned business park in Goodyear, Ariz.

For more information, visit www.suncorAZ.com.

About Cushman & Wakefield

Cushman & Wakefield is the world's largest privately held commercial real estate services firm. Founded in 1917, it has 221 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.

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