777 Tower Receives NAIOP Arizona’s Best of NAIOP 2020: Sustainable Project of the Year Award
Denver, CO (May 25, 2021) – Ascentris, a Denver-based real estate private equity firm, announced today that NAIOP Arizona presented 777 Tower with the Sustainable Project of the Year Award as part of the Best of NAIOP 2020 award series. The award builds upon the property’s LEED Gold certification in underscoring 777 Tower’s environmentally-conscious design and represents another milestone in Ascentris’ commitment to sustainable real estate initiatives.
Acquired in December 2020 in a joint venture between Ascentris and San Diego-based Cypress Office Properties, LLC, 777 Tower was developed by Ryan Companies in 2020 and is currently 83% leased to Arizona State University and IT services and consulting firm Infosys Limited. It is the first office building to be delivered in the Novus Innovation Corridor, a 355-acre planned mixed-use, public-private development between Arizona State University and Catellus. Once fully developed, the Novus Innovation Corridor will be a vibrant mixed-use district consisting of 11 million square feet of office, residences, hotel, and retail within a live-work-play, master-planned neighborhood framework which includes pedestrian thoroughfares, street-level retail, and outdoor gathering space.
NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial, retail, and mixed-use real estate. NAIOP comprises around 20,000 members throughout North America. The Arizona Chapter of NAIOP is among the largest of the 51 chapters, with over 800 individual members & 100 corporate sponsors.
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2.2 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.
About Cypress Office Properties, LLC
Cypress Office Properties, LLC is a San Diego-based real estate investment and operating company that specializes in acquisitions of value-add, redevelopment, and core plus office and healthcare properties in key markets within the Southwest United States. The company’s primary geographic focus is in Southern California, Phoenix, and Denver, where there is tremendous upside potential. Since its founding in 2009, Cypress has become a qualified and proven investor within these markets – well positioned to identify, purchase and operate properties that meet its strategic investment criteria. Today, the Cypress portfolio consists of sixteen properties totaling 3.6 million square feet. For more information, please visit www.CypressOffice.com.