Office Near Airport Finds New Owner and New Look

The new owner plans to give the building a facelift as well as upgrade the building lobby.

PHOENIX—In the process of getting a facelift as well as upgrades to the building lobby and amenities, 501 Gateway has been acquired for $17 million, according to Irgens–Phoenix . Irgens acquired the property in the name of 501 Gateway LLC. The company purchased the asset from Arizona-based 501 North 44th Street LLC . Jason Meszaros , vice president/market manager for Irgens, tells GlobeSt.com: “We saw an excellent opportunity to buy a core asset in an important submarket. The 501 Gateway building is positioned perfectly for Irgens to use its expertise and local knowhow to polish this gem and position it for the next 30 years.” The four-story office building is located at 501 N. 44th St., south of the Loop 202 and just off State Route 143 near Sky Harbor International Airport. The asset features 102,302 square feet of prime office space. Current tenants include Maricopa County and RSM International , an accountancy professional services network. The property has 31,700 square feet of vacant space and the entire fourth floor, comprised of 26,570 square feet, will be made available to a single tenant. The building includes ample parking, including substantial structured stalls. “This asset provides us the opportunity to build our portfolio with a prime property within a core location,” says Meszaros.  “The quality of this building and its amazing location will assuredly increase in value as we lease the remaining space in this improving real estate market.” Irgens continues to actively seek strategic acquisition and development opportunities to add to its growing portfolio of commercial and medical offices in the greater Phoenix metropolitan market. Keith Lambeth of Colliers International represented the buyer and seller in the transaction. Irgens has retained Lambeth to serve as exclusive leasing agent for the property.