TGen To Buy Downtown Phoenix Building
The city of Phoenix plans to sell the signature building on its downtown biomedical campus. The biggest tenant now wants to own all the space.
Council members approved selling the city-owned building to the Translational Genomics Research Institute, known as TGen. The six-story building opened in 2004 to serve as an anchor with the goal of creating a biotech hub.
According to a city report, the building is fully occupied and leases cover annual operating costs.
The deal calls for TGen to honor existing leases, take over the $68 million bond payments, plus pay Phoenix $3 million over the next twenty years.