Panattoni acquires former State Farm office in Tempe for $37.5M ($89psf) from JDM with plans for industrial redevelopment

4/22/2026

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Phoenix Business Journal

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• Subcategory: Office: Urban

• Tag: Conversion | Redevelopment | Sale

• Additional Filters-Subcategory: Office: Garden

• Additional Filters-Tags: Conversion: Office-to-Industrial, Sale: Investment, Sale: Single Property

• Company: Panattoni, JDM Partners, Newmark Group (Nasdaq: NMRK), Jones Lang LaSalle (NYSE: JLL)

Highlights
Panattoni Development Company recently closed a $37.5 million acquisition of a Tempe office property
The developer will build advanced manufacturing and warehouse space with structured parking
Tempe City Council rezoned the site to industrial in February after prior residential plans failed