The three-building office space was purchased by the University from the insurance firm Travelers Companies’ Inc. for just a little more than $23.5 million, according to the article.
Before the purchase could be finalized, Arizona Board of Regents needed to approve the acquisition, which they did in December, because the sale was for more than $500,000, the Business Journal reported.
According to the ABOR meeting agenda from Dec. 6 and 7, ASU has leased office space in the center since 2000 but the University plans on using the newly acquired space to accomodate for increase enrollment and research opportunities by 2020.
Existing leases by tenants in the University Center will begin to expire during the next decade, making ASU’s goals for expansion a long-term event, according to the agenda.
The purchase will save the University nearly $600,000 in annual rent fees, according to the article.