Macquarie Asset Management on behalf of a U.S. real estate mandate, recently acquired CASA, an experiential class-A office redevelopment in Phoenix’s Uptown neighborhood. At $56.5 million or $312 per-square-foot, the sale sets a new value record for the Piestewa Peak submarket.

CASA is a 181,188-square-foot fully leased creative office building at 7878 N. 16th St. George Oliver purchased CASA, previously known as Catalina Terraces, in December 2018.

Ryan Timpani and Nick Bialkowski of JLL are the exclusive leasing brokers for CASA. JLL’s Benjamin Geelan and Brian Ackerman represented George Oliver on the building sale.    

“CASA was designed and amenitized to enhance our tenants’ ability to recruit and retain top-quality employees,” said Curt Kremer, George Oliver managing partner. “Even during a pandemic, CASA’s leasing activity allowed us to deliver CASA to Macquarie Asset Management at 100 percent committed – underscoring the strength of the asset now and its ability to continue to perform for Macquarie over the long term as we move into an improving return-to-office economy.”

While COVID halted many large metro Phoenix leases, strong tenant demand at CASA in the past 18 months pushed the property’s occupancy.

“Foreign and domestic investors are showing a clear preference for differentiated experiential office space and CASA epitomizes that. The amenities and design that George Oliver has incorporated into this project make it a truly one-of-a-kind asset that redefines what it means to ‘go to work,’” said Geelan. “That combination was reflected in the almost unparalleled interest we received for this investment opportunity.”