Downtown Phoenix’s newest office tower sells for $150 million

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Downtown Phoenix’s newest office tower sells for 0 million
Downtown Phoenix’s newest office tower sells for 0 million

PHOENIX – Phoenix developer RED Development has sold Block 23, downtown’s newest office tower, to City Office REIT for $ 150 million.

According to JLL, the whopping price for the office tower sets a city record for the highest price per square meter for a multi-tenant office and is the most expensive office sale to date in 2021.

Block 23, which was completed in 2019, has a total of 307,030 square meters, including office and retail space. The development at 101 E. Washington St. is home to the first downtown grocery store, Fry’s Fresh Marketplace, located on the first floor of the building.

Other retailers in the building are Ingo’s Tasy Food and Blanco Tacos & Tequila. 95% of the office part of the building is rented to several tenants, including Ernst & Young, Western Alliance Bank and Chase. CVO Holding Company, a transportation technology company, relocated its headquarters to Block 23 in August 2020.

Read more about this story from the Phoenix Business Journal.

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