Balfour Pacific Snags First Metro Phoenix Acquisition in Resurgent Midtown Office Submarket

PHOENIX, April 1, 2019 – The investment sales team of Chris Toci and Chad Littell of Cushman & Wakefield, supported by the agency leasing team of Dave Carder and Scott Boardman, successfully closed the sale of the iconic Phoenix Corporate Tower. In its first Phoenix investment, Balfour Pacific Capital Inc. of Vancouver, B.C., Canada acquired the 457,893-square-foot (sf) high-rise for $42.34 million.

The 25-story building, located at 3003 N. Central Avenue in Midtown Phoenix, features 17,800 sf floor plates that boast some of the metro areas most stunning views. Developed in 1964, Phoenix Corporate Tower has been upgraded and renovated multiple times since being built more than five decades ago. Recent improvements include conference facilities, a 180-seat auditorium, training rooms, a tenant lounge, collaborative work space and a newly renovated courtyard.

The Phoenix office of Ryan Cos. is managing Phoenix Corporate Tower, which was 66% occupied at the time of sale. Carder and Boardman have been leasing the project and assisted in securing leases for more than 240,000 sf of the tenancy since 2012.

“Anchored by the Department of Child Safety (DCS) in 130,000 sf, the acquisition of Phoenix Corporate Tower is an excellent entry opportunity for Balfour Pacific into the Phoenix market. Balfour Pacific is well-poised to capitalize on the extensive renovation program undertaken by previous ownership,” said Toci.

Located in the heart of Midtown Phoenix, Phoenix Corporate Tower is just 100 feet from the Metro Light Rail and across the street from Park Central – the 17.4-acre landmark property currently under redevelopment. The areas significant growth includes new rental housing, restaurants, entertainment and retail shops.

“The gentrification currently underway in Midtown is nothing short of spectacular and Balfour Pacific has hit the Midtown bullseye,” said Littell.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

2019-04-01T10:33:37-07:00April 1st, 2019|