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Tempe announces large office-development deal

PHOENIX -- A 2 million square foot complex will house a new multi-use development in downtown Tempe and is being called the largest office-development deal in state history.

The announcement was made Friday.

The property, which is owned by Arizona State University and is across from Tempe Town Lake, stretches more than 20 acres. Construction will cost in the neighborhood of $600 million.

State Farm heads the list of companies who will be leasing office space. There will also be retail shops and a fitness facility.

"This is a proud day for Tempe and everyone involved," said Tempe Mayor Mark Mitchell in a statement.

Gov. Jan Brewer said, "The jobs that will be created to make this project a reality will be a tremendous boon to our economy."

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