"It's the finest building in the state of Arizona, an A-plus quality asset," Steve Rogers, president and CEO of the Jackson, MS-based Parkway Properties, tells GlobeSt.com.Parkway purchased the 481,764-sf office tower at 1850 N Central Ave. in May for $58 million in what became the biggest office sale of 2002.
Built in 1991, the 24-story property has become a landmark in the Phoenix skyline with its towering presence, an attached seven-story parking garage and an adjoining park with landscaped paths and waterfalls.
The 94%-occupied property is home to 20 tenants, including some of the top names in the corporate world. The rent roster includes the Viad Corp., Dial Corp., Land American Financial, law firm Tiffany & Bosco, and investment group PriceWaterhouseCoopers.F. Jonathan Dracos, a member of Investcorp's Management Committee, said the office tower was an appealing investment.
"It's a high-quality property located in a prime downtown Phoenix site and our partner has strong expertise operating this and similar properties," Dracos said of the reasons behind the acquisition.
The Phoenix deal was the second between Investcorp and Parkway in less than a year. In May, Investcorp paid approximately $125 million for a 70% interest in Chicago's 233 N. Michigan Ave., which Parkway bought a year earlier for $173.5 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 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.
