"There are virtually no big buildings for sale in the area because users and investors have snatched them up," says Bo Mills, a vice president in Phoenix for Dallas-based Trammell Crow Co. "There's still some new product coming out of the ground, but new development hasn't taken off because of increased land prices, creating a seller's market." He and partner, Mark Detmer, represented the San Francisco-based Rreef.

According to Mills, the pricing for the 14-year-old building was determined by its lack of tenants. "There are only a handful of investors that will take on a vacant building because of the risk," he explains.

Mills tells GlobeSt.com that Maskil, represented by Anthony Lydon and Gary Anderson with Grubb & Ellis Co./BRE Commercial LLC, will be marketing the building for lease. It was vacated by American Excelsior in January when the company shut down its Phoenix operations. Maskil is asking $3.36 per sf triple net.