New York-— Grubb & Ellis Co. said it has been selected by the University of Arizona Science and Technology Park in Tucson (“the Park”) to assist in the selection of a development team for an executive class hotel within the Park. The Park is the 6th largest university research park in the U.S. In 2001, the Association of University Research Parks named it the nation’s “Outstanding Research Park.” The 1,345-acre park is located in the southeast quadrant of Tucson adjacent to Interstate 10 and accessed by two interstate interchanges. The 345 developed acres within the Park include 12 major buildings, which, with supporting structures, represent more than 2 million square feet of office, laboratory, testing, assembly and research and development space. That space is currently home to 30 companies and organizations, from small start-up technology companies to Fortune 100 firms such as IBM and Raytheon, employing 6,200 people. Grubb & Ellis Management Services Inc., a wholly owned subsidiary of Grubb & Ellis Co., currently provides contract management for the project’s common areas. “Working together, the Park and Grubb & Ellis are seeking a qualified development team to provide planning, design, financing, needed approvals, construction and commissioning of an executive hotel and conference center on a 25.575 acre site within the Park,” said Paul Loucas, a senior managing director with the Grubb & Ellis Consulting Group practice, in a prepared statement. “We seek a 150-room executive hotel that will be expandable to 300 rooms at a later date, and about 50,000 square feet of flexible conference center space.” “The development of an executive class hotel is essential in meeting the needs of our tenant companies,” added Bruce Wright, COO for the Park.” We already know our companies on-site generate about 70 rooms a week. This doesn’t include the needs of our surrounding residential community or the needs of our tenants as we expand.” Separately at the Park, construction is underway on a 72,000 square foot multi-tenant office building.
