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Balfour Pacific Snags First Metro Phoenix Acquisition in Resurgent Midtown Market
Vancouver, BC-based Balfour Pacific Capital Inc. reportedly acquired the 25-story Phoenix Corporate Tower in Phoenix’s midtown market from Colony Financial for $42.3 million. The iconic 457,893-square-foot office building, located at 3003 N. Central Ave., is the buyer’s first Phoenix investment.
Developed in 1964, the tower has been upgraded and renovated multiple times since then. Recent improvements include conference facilities, a 180-seat auditorium, training rooms, a tenant lounge, collaborative work space and a newly-renovated courtyard.
Cushman & Wakefield’s Chris Toci and Chad Littell, supported by the agency leasing team of Dave Carder and Scott Boardman, handled the sale. Ryan Cos. is managing Phoenix Corporate Tower, which was 66% occupied.
Toci says, “Anchored by the Department of Child Safety (DCS) in 130,000 square feet, the acquisition of Phoenix Corporate Tower is an excellent entry opportunity for Balfour Pacific into the Phoenix market. Balfour Pacific is well-poised to capitalize on the extensive renovation program undertaken by previous ownership.”
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- ◦Sale/Acquisition