PHOENIX-Arizona Center, a landmark mixed-use project in downtown Phoenix, has a new owner. Newton, MA-based CommonWealth REIT acquired the 1-million-square-foot complex for $136.5 million from Chicago-based General Growth Properties Inc.

The deal represents the largest office sale in the Phoenix metro area by dollar amount in the past three years, according to Bob Young, senior vice president with CBRE’s local office. He represented the seller in the transaction, along with Steve Brabant, Glenn Smigiel and Rick Abraham in the same office. George Good in CHRE’s Chicago office and Tom Bohlinger in CBRE’s LA office also represented the seller.

Situated on 16 acres on the northeast corner of Van Buren and Third Streets, Arizona Center consists of two class A high-rise office towers, garden office suites, open air retail and a 24-screen AMC movie theater. The complex also includes three parking structures and a mix of pedestrian and open space highlighted by fountains, gardens, waterfalls and palm tree-lined walkways.