"They're leasing right now and paying above-market rents. By buying this building with some other tenants in place, they were able to lower their occupancy costs with the other tenants' income," Chris Walton, a senior associate at Grubb & Ellis/BRE Commercial's Phoenix office, tells GlobeSt.com.

The association closed the off-market deal for the 4201 N. 24th St. building with help from a revolving line of credit provided by San Francisco-based Wells Fargo & Co. The seller, Oklahoma City-based 24th Place LLC, originally asked $9 million for the 20-year-old, three-story building. Walton and Don Arones, also with Grubb & Ellis/BRE Commercial, structured the deal for the buy side while the firm's Russ Warner and Jeff Wentworth partnered to represent the seller.

With only a third of the building occupied at closing, rents average $21.50 per sf. The association's relocation into 40,000 sf, slated for November, will bring occupancy closer to 100%, according to Walton. "The building has the ability to sustain growth, because the existing tenants will have leases rolling around suspected growth needs," he adds. The association, now leasing space at 111 W. Monroe St., regulates about 12,000 active attorneys in the state and offers education and professional development services.