AXS Fund Picks Up 20-Story Phoenix Office Asset

AXS Opportunity Fund acquired One North Central, a 429,120-square-foot, 20-story Class A office tower located at 1 North Central Avenue in the heart of Downtown Phoenix. Newmark’s Chris Marchildon, Barry Gabel and CJ Osbrink represented the seller, Parallel Capital Partners, who bought the building for $93 million in 2015.

Constructed in 2001, the tower has access to the Valley Metro light rail system, nearby entertainment venues, government offices and educational institutions. The property also includes a recently completed amenity center, structured and subterranean parking, and ground-floor retail offerings. AXS Opportunity Fund has retained Newmark’s Brett Abramson, Chris Latvaaho and Chris Beall as the leasing advisors for the property. 

Marchildon added, “As capital continues to return to the office sector, properties with strong fundamentals and irreplaceable downtown locations are attracting increased attention from buyers.”