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Phoenix & Southwest  + Phoenix  + Office  | 
Scottsdale Office building sells for a loss.

151K SF Scottsdale Office Sells at a Loss

Phoenix-based Reliance Management purchased the Gainey Center II, a 151,522-square-foot office building for $26.5 million, according to real estate database Vizzda. The Phoenix Business Journal reports that even though the price tag reflects one of the more significant office deals of the year to date, it was a loss for the seller.

Lincoln Property Co. and Goldman Sachs purchased Gainey Center II in March 2016 for $35.25 million.

The top office deal of 2023 to date was Providence Real Estate Group’s $44 million acquisition of Scottsdale Financial Center I, which was also a Goldman Sachs property. 

The three-story Gainey Center II is home to professional service tenants such as JP Morgan Private Bank, Gainey Business Bank, Capital West Insurance and Scottsdale Wealth Advisory, among others. The building also has a two-story, 88,726-square-foot parking garage on-site.

Reliance Management recently purchased the languishing Arizona Center, a longstanding retail plaza in downtown Phoenix.


Inside The Story

Coree Peterson

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Sale/Acquisition
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