During the Arizona Board of Regents Capital Committee meeting in May, ASU requested approval to purchase a building in the CenterPoint Development in downtown Tempe.
The University is a current tenant of CenterPoint Building A, located at Seventh Street and South Maple Avenue, which houses the Ira A. Fulton School of Engineering Center for Professional Development, the Arizona Technical Enterprises and ASU Media Relations.
The request is subject to ABOR policy, which states that property with an anticipated purchase price of $1 million or more requires two independent appraisals.
Because the purchase has yet to be finalized, ASU officials would not comment.
The request states the property has been on the market for $14.5 million, and the building could be appraised at a lower value based on the current economic condition.
DMB Associates, a real estate company, currently owns the building, and other tenants occupy two other suites.
The University plans to relocate other divisions into the building when the other tenants’ leases expire in 2012 and 2013, if the purchase goes through.
