Hines has finalized its purchase of 1.8 acres in Tempe for the development of 250 Rio, a proposed 216KSF, 14-story mixed-use office project.
The luxury office space and a parking structure will be built between the Ash Avenue alignment and Rio Salado Parkway. Hines has said it intends the project to be a “signature development.”
Hines self-represented in the transaction. Tom Adelson of Newmark Night Frank and Troy Barron of Weston Commercial Realty represented the seller. (Source)
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This should be residential, not office.