Search
 

East Valley's Only High-rise Sells for $33 Mil

PHOENIX-The most visible building in the East Valley, a 16-story, blue-neon-lit office tower, has been purchased by a local group for $33 million.

By D.J. Burrough | Updated on December 04, 2000

PHOENIX-The largest office tower in the East Valley has been purchased by a local investment company for $33 million.

Biltmore Financial purchased the only high-rise in the East Valley, a 16-story office tower at the southeast corner of Alma School Road and Southern Avenue. The 300,000-sf building is accented by a blue neon strip along its edges. The project is across from Alma School Road and Fiesta Mall, one of the most active regional malls in the Valley. The sale price equates to $110 per sf.

The building was built in the early 1980s by Western Savings, which used it as a headquarters. The savings and loan organization failed in the mid-1980s under the crushing weight of dozens of poorly conceived development ventures. The building went into the hands of the federal Resolution Trust Corporation, which sold it to Phoenix-based DMB in the early 1990s for $20 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.