"Our basis in the building was low enough that this made good sense. We were at 70% occupancy. To get the full value, we needed to get it to around 85% so we felt that it was a very reasonable price based on the current occupancy," Jeff Schindler, chief investment officer with Equus Realty Advisors of La Jolla, CA, tells GlobeSt.com.

First Credit Union put up a "substantial" deposit and assumed an existing loan from Nationwide Life Insurance Co. of Columbus to close the off-market deal for 25 S. Arizona Place, Schindler adds. The 104,000-sf office building was 12% occupied two years ago when Equus bought it out of bankruptcy proceedings.

Contiguous space was especially key to the buyer. "It enables them the ability to control their expansion requirements and they were looking for a deal of that size," Barry Gabel, a senior vice president at Trammell Crow Co. in Phoenix, says about the 16-year-old structure. The City of Chandler has an option to buy the abutting five-story parking garage, which it now leases from Equus. Tenant improvements on First Credit Union's new corporate headquarters are expected to begin soon so the third-quarter move-in can be completed.