Morgan Stanley Building at Skyline Esplanade Sells for $9.05 Million

The DESCO Group through its affiliate DAZ6-Skyine 2, LLC, has completed the sale of the newly constructed Morgan Stanley Wealth Management building in Skyline Esplanade II at 7175 N Pima Canyon Drive in Tucson for $9.05 million ($459.50 PSF). The 19,689-square-feet of office space completed in 2014, was fully leased to Morgan Stanley that will be relocating from 2840 E Skyline Drive in Tucson by the end of June.

Located at the northwest corner of Skyline and Pima Canyon Drive in the Catalina Foothills,  it features both city and mountain views in this upscale, high-income area in North Tucson. The Catalina Foothills is one of the most affluent communities in Arizona and includes some of Tucson metropolitan area’s most expensive homes and land, and the highest median property value for the area.

Founded in 1935, Morgan Stanley (NYSE:MS) formally opened its doors to business at 2 Wall Street, New York City, on September 16, 1935. Founding partner was Harold Stanley and in its first year, the firm handled $1.1 billion in public offerings and private placements holding a 24 percent market share. In 1986, the firm went public to raise capital for expansion and over the course of a decade, opened offices in Frankfurt, Hong Kong, Luxembourg, Melbourne, Milan, Sydney and Zurich, as well as expanding in London and Tokyo.

In 1995, Morgan Stanley entered China as a cornerstone investor in China International Capital Corporation (CICC) and established the Morgan Stanley International Foundation. The 1997 merger of Morgan Stanley Group Inc. and Dean, Witter, Discover & Co. created the world’s largest securities firm to date. Over the course of the decade, the firm expands further in Asia and Latin America.

In addition to handling some of the largest tech IPOs, security offerings and acquisitions in the world, Morgan Stanley stands firm behind its commitments to community—from a joint effort by the firm and its employees to raise $60 million to build Morgan Stanley Children’s Hospital at New York-Presbyterian Hospital, to employee-led relief efforts following the September 11 terrorist attacks.

In 2008, Morgan Stanley became a bank holding company and forms a strategic alliance with Mitsubishi UFJ Financial Group (MUFG). Morgan Stanley completes the purchase of the Morgan Stanley Wealth Management joint venture in 2013, becoming 100% owner of one of the world’s leading wealth management franchises.

The firm looks to the future by launching the Investing with Impact platform and the Morgan Stanley Institute for Sustainable Investing-a pair of initiatives dedicated to inspiring positive social impact and fostering large-scale global sustainability.

James Hardman, CCIM, and Michael Sarabia both with DESCO Southwest in Tucson handled the build-to-suit construction of the building and the sale to Chicago-based private REIT, Syndicated Equities through its affiliate, SE Tucson Transitory, LLC (Richard Kaplan, manager).

To learn more Hardman and Sarabia should be reached at 520.297.8929. For additional information login and reference RED Comp #2939