$35.25 million office buy demonstrates demand for Class A executive office space

PHOENIX, AZ – In a $35.25 million deal, Lincoln Property Company (LPC) and Goldman Sachs have purchased Gainey Center II in Scottsdale, Arizona. The companies will complete minor renovations at the project, underscoring a continued demand and upside for Class A executive office space.

“There is definitely a need in the Valley for high-tech build outs, but the president of a financial advisory firm does not necessarily want concrete floors and exposed ceilings,” added Lincoln Property Company’s Executive Vice President David Krumwiede. “That individual wants rich accents and a high quality setting to welcome clients.”

“Gainey Ranch is the natural place for this type of product – well-appointed stone-clad buildings that offer a sophisticated environment for companies serving the high net-worth communities of the market,” added Lincoln Property Company’s Vice President Amr Ceran.

In the coming months, LPC will initiate key renovations at the property including lobby, common area, landscaping and signage upgrades.

Gainey Center II is located at 8501 N. Scottsdale Rd. in Scottsdale, Arizona, one mile from the Loop 101 and within the Gainey Ranch community. The Class A, LEED-certified building totals 146,770 square feet in three stories. It has maintained a strong institutional ownership since its inception, with a focus on providing high-end amenities including first-class finishes, on-site security, covered garage parking and premium views of Camelback Mountain, the McDowell Mountains and Mummy Mountain.

Fronting Scottsdale Road, Gainey Center II is within walking distance to award-winning hotels, retail and restaurants, just some of which include the Hyatt Regency Scottsdale and the SHOPS at Gainey Village, featuring destinations like Chez Vous Creperie, The Coffee Bean & Tea Leaf, Drexel Modern American, The Hash Kitchen, Panera Bread Company, Pomo Pizzeria and Rolfs Salon and Spa.

Gainey Center II is 89 percent occupied by tenants including J.P. Morgan, TPI Composites Inc., Apriva and McGraw Hill Financial. LPC is already in active negotiations to fill the project’s remaining 17,000 square feet of available space.

Jerry Roberts and Pat Boyle of CBRE will serve as the leasing brokers for the project. LPC will provide full property management services for Gainey Center II as part of its more than 8-million-square-foot Phoenix property management portfolio.

To discuss additional leasing or investment opportunities with Lincoln Property Company in the Desert West Region, please call David Krumwiede or Amr Ceran at (602) 912-8888.

New York – Cushman & Wakefield Inc. announces that Edward C. Forst has been named President and Chief Executive Officer of the company. He will join the firm effective January 6, 2014.

Mr. Forst, 53, joins Cushman & Wakefield following his tenure at Goldman, Sachs & Co. as Global Co-Head of the Investment Management Division, as a member of its management committee and previously as the firm’s Chief Administrative Officer. Most recently, he served as an advisor to Fenway Partners, a private investment firm.

Mr. Forst is a highly accomplished investment professional and business executive with more than 30 years of experience working in international asset management, capital markets, and operational leadership. He has held multiple executive level roles in both New York and London at Goldman, Sachs, where he was elected Partner in 1998. While at Goldman, Sachs, Mr. Forst also served in leadership roles at the Securities Industry and Financial Markets Association (SIFMA) and was elected as its first Co-Chairman and subsequently in 2007 as its Chairman.

During the financial crisis of 2008-2009, Mr. Forst was selected to be the first Executive Vice President and Principal Operating Officer of Harvard University, leading its non-academic affairs and served as Advisor to the Secretary of the Treasury of the United States.

John Elkann, Chairman and CEO of EXOR, Cushman & Wakefield’s controlling shareholder, commented: “The appointment of a professional of Mr. Forst’s caliber will further strengthen Cushman & Wakefield’s ability to capture the opportunities to accelerate the firm’s growth and capitalize on the substantial investment that has been made in the business over the last few years. EXOR remains strongly committed to supporting Cushman & Wakefield’s development, enabling it to achieve its full potential in this exciting new phase.”

Carlo Barel di Sant’Albano, Chairman of Cushman & Wakefield Inc. who has held the position as interim President & CEO of the firm for the past five months, added: “We are delighted to welcome Ed to Cushman & Wakefield and look forward to working closely with him. We have outstanding professionals around the world who are committed to bringing the highest quality real estate services to our clients. Under Ed’s leadership we aim to further strengthen Cushman & Wakefield globally.”

“Cushman & Wakefield is a powerful and iconic brand with unparalleled capabilities in providing creative and innovative real estate services and solutions to a global client base,” stated Mr. Forst. “I am honored to lead Cushman & Wakefield and am particularly excited to work with this world-class team of professionals to build on the company’s strengths and capitalize on the many opportunities ahead.”

Mr. Forst is a graduate of Harvard University and holds an MBA from the Wharton School of the University of Pennsylvania. He is Treasurer, Trustee and member of the executive committee of Carnegie Hall; a member of the Executive Committee of the Harvard University Capital Campaign and is a member of the Advisory Board of the Harvard Stem Cell Science Initiative; he is a member of the Board of Advisors of the Yale University School of Management; and is a Trustee of the Woods Hole Oceanographic Institution.