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Bidding War Pushes Ante to $20M for Class B CBD Tower

PHOENIX-Twenty-seven offers go on the table for the 239,006-sf office building, with the win coming from a Scottsdale investment group that plans to retool the 18 floors into office condos. The Copper Square building is 70% leased at sale time.

By Jennifer D. Duell | Updated on April 28, 2005

PHOENIX-Biltmore Holdings LLC has beaten out 26 prospective buyers to claim 111 W. Monroe St. in the CBD’s Copper Square district. The Scottsdale-based investment group pays $20 million to Lennar Partners Inc. for the 239,006-sf, class B tower and 2.1 acres of extra developable land.

Biltmore Holdings plans to convert the 18-story structure into office condominiums, according to Charles Miscio, a first vice president in Phoenix for CB Richard Ellis Inc. “We feel there would be tremendous demand for condos downtown,” he says. The CBRE sales team included Robert Young, Glenn Smigiel, Steven Brabant and Rick Abraham, all in Phoenix, and Peter Stevens in Philadelphia.

“Of all the buildings I’ve ever been involved with in my career, this one was the most active in terms of interest,” Miscio tells GlobeSt.com. He says Biltmore Holdings was one of the top five offers, but won the deal for its ability to close and vision for the project. “We wanted to make sure that it would become a flagship property in the downtown,” he explains.

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