PHOENIX—New York City-based American Realty Capital has purchased the Freeport McMoRan Center for $110 million. The seller was CPE Office Owner LLC, a company formed by National Real Estate Advisors LLC out of Washington DC. The transaction was the highest price per foot ever paid for class A office space in Phoenix according to published reports.

According to industry records, the 249,000-square-foot office space comprises the top eight floors of the 26-story office-hotel building on the northeast corner of Central Avenue and Van Buren Street. The deal was brokered through Jim Fijan and Will Mast of CBRE.

Fijan tells GlobeSt.com, “Freeport-McMoRan Center is one of the most prominent assets in all of Phoenix. The long term nature of the tenant's lease as well as the investment grade credit of the tenant makes this a very attractive investment. Phoenix has a tremendous amount of positive momentum right now. Phoenix's office market fundamentals continue to improve, particularly in core locations and that's having a positive effect on the investment market. Transaction volume year-to-date for Class A and B assets in Phoenix is up 26% compared to 2013; and average price per square foot year-over-year for Class A and B assets in Phoenix is up 22%. Moreover, top of the market price per square foot year-over-year is up 80%.”