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GlobeSt.com UPDATE: Investors Battle Over Maguire Castoff

PHOENIX-A US-based investment group went head to head with at least 10 other prospective buyers to get the 484,000-sf, 26-story One Renaissance Square. If the deal stays on track, the $130-million deal closes this quarter.

By Jennifer D. Duell | Updated on May 19, 2005

PHOENIX-A US-based investment fund had to put a high offer of $130 million on the table to beat out more than 10 other prospective buyers for One Renaissance Square. The seller, Maguire Properties Inc., plans to transfer the title to the 484,000-sf, class A office building before the quarter ends.

The mystery buyer is an entity that Maguire “didn’t know anything about,” Bill Flaherty, senior vice president for the Los Angeles-based Maguire, tells GlobeSt.com. “We had an internal target for the property and the sale price wasn’t widely off. We think it’s a fair price.” The buyer will have to assume $104 million of mortgage debt. For previous story, click here.

Los Angeles-based Security Capital Corp. and CB Richard Ellis Inc.’s local office partnered to market the 18-year-old tower at 2 N. Central Ave. “The activity on this building was mind-boggling–overwhelming,” CBRE’s Charles Miscio says. One Renaissance Square, with an average rent of $15.33 per sf, is 90.8% occupied to a mix of national and local tenants.

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