Block 23 Sets PSF Record for Multi-Tenant Office Trades

Block 23, a mixed-use live-work-play asset in the heart of downtown Phoenix, recently sold to City Office REIT Inc. for $150 million. The sale sets a new per square foot record in the city for multi-tenant office trades.

Completed in 2019, Block 23 has 307,030 square feet of class-A office, retail and amenity space highlighted by 360-degree skyline and mountain views, and a pickleball court, sky lobby, rooftop deck and an on-site parking garage.

In addition, Block 23 features Fry’s Fresh Marketplace, which is downtown’s only full-service grocer, and two restaurant concepts. Overall, Block 23 is 95.5 percent leased by investment-grade tenants including Western Alliance Bank, EY and Chase.

Block 23 is positioned at the epicenter of downtown Phoenix at 101 E. Washington St. This live-work-play destination has immediate access to more than 1.8 million square feet of retail, more than 7,000 residential units and more than 4,500 hotel rooms within a mile radius of the property. In addition, Block 23 is immediately adjacent to CityScape Phoenix, a new 1.2 million-square-foot mixed-use property and directly across from the Phoenix Suns Arena (Footprint Center) and close to the Arizona Diamondbacks Stadium (Chase Field).

The JLL seller team was led by Ben Geelan and Kevin MacKenzie. JLL’s Ryan Timpani and Nick Bialkowski represented the seller on the leasing of Block 23.