Electronics giant Avnet buys office for new global HQ in Tempe

One of Arizona's largest public companies has a new home.

Avnet Inc. found its new global headquarters at Arizona State University Research Park in Tempe after acquiring a 150,000-square-foot Class A office building on June 6 from ElmTree Funds LLC for an undisclosed price.

Avnet (Nasdaq: AVT) will move into its new office building, which is located at 2155 S. Science Drive, in the middle of 2026.

The second-largest Fortune 500 company based in Arizona has occupied its current 180,000-square-foot headquarters since 1997 and has an existing lease. An Avnet spokesperson declined to comment on plans for its current lease at the company's existing headquarters at S. 47th St. in Phoenix.

Transwestern Real Estate Services' Executive Managing Partner Jim Fijan, Director Jack Fijan, and Senior Vice President Scott Baumgarten represented ElmTree Funds in the transaction. It marks the Valley's second-largest investment transaction sale in 2025, according to Transwestern.

Although Avnet did not disclose how much it paid for its new corporate headquarters, the company projected capital expenditures of $55 million to $65 million in its fourth fiscal quarter ending in June “due to the planned purchase of an office building,” Ken Jacobson, Avnet’s chief financial officer, said during an April 30 earnings call.

Avnet's new headquarters was built in 2014 and was once occupied by GoDaddy Inc. and served as the internet domain registry firm's corporate headquarters before the company moved into its current building, 100 Mill in Tempe, last year. Before the departure of GoDaddy (NYSE: GDDY) from its old headquarters, the office address was 2155 E. GoDaddy Way.

Arizona State University Research Park is one of the region’s premier research and corporate business park. Arizona State University Research Park features six miles of jogging and bike trails, picnic areas and water features. Avnet's new office is located near Warren Road and Loop 101.

Avnet has two other Chandler building leases

The acquisition comes after Avnet sold off its 231,454-square-foot Chandler global solutions center and entered into a lease-back agreement for $47.25 million on March 28, according to previous Business Journal reporting. That building is located at 6700 W. Morelos Place.

Avnet leases one other building in the East Valley — a 400,000-square-foot warehouse located at 60 S. McKemy Ave in Chandler.

“Purchasing the building is an investment in the Phoenix metro area and its flourishing technology industry,” Avnet CEO Phil Gallagher said in a statement. “Arizona’s welcoming business climate was a major factor in our decision to move our headquarters to Phoenix 28 years ago, and we will continue fostering growth in the coming years.”

The move to a new headquarters building in Tempe comes on the heels of the global electronic component distributor’s third fiscal quarter financial results that were in line with Wall Street expectations despite challenging market conditions.

Avnet generated $5.3 billion in revenue during fiscal Q3 that ended March 29, a 6% decrease from $5.7 billion the prior-year quarter, according to a regulatory filing.

Gallagher said on an April 30 earnings call that the company will continue to focus on generating operating cash flow and reduce its “core inventory levels where needed” in the coming quarters. Avnet expects to generate between $5 billion and $5.4 billion and earnings per share between 65 cents and 75 cents a share in fiscal Q4, assuming lower sales in EMEA and flat sales in Asia and America.

As of June 2024, the company's global workforce totaled about 15,462 across 48 countries. A little more than half of Avnet's employees are located in the Americas and Asia while the remaining 6,494 are spread across Europa, Africa and the Middle East.

Avnet has 1,200 Arizona employees.

Final Thoughts 

Avnet’s decision to move its global HQ to Tempe’s ASU Research Park is more than a corporate real estate transaction—it’s a powerful signal of Arizona’s expanding reputation as a tech and innovation magnet. For out-of-state buyers, especially those relocating for career opportunities or seeking growth-driven communities, this move highlights the region’s continued economic momentum.

Tempe offers the rare blend of business opportunity, talent access, and lifestyle convenience. With major employers like Avnet investing in state-of-the-art facilities, the city is poised to attract more high-wage jobs and real estate stability. Whether you're a remote worker eyeing a vibrant city, or an investor tracking high-growth tech corridors, Tempe deserves a closer look.