Federal Realty Investment Trust Picks Up Scottsdale Office Asset

Federal Realty Investment Trust paid $53.6 million for Scottsdale Forum, a 214,000 square foot office in Scottsdale, Arizona. The property was sold by CapRidge Partners for what amounted to $251 a square foot.

Built in 1988 and recently renovated, the ornate office building is situated on 7.13 acres at 6263 N. Scottsdale Rd. It’s adjacent to the Shops at Hilton Village and the $2 billion Ritz-Carlton Paradise Valley development currently under construction.

JLL Capital Markets team represented the seller and found the buyer. The effort was led by Ben Geelan and Will Mast. “While the buyer is typically focused on retail investments, our team was able to identify an opportunity for Federal to acquire this office property and combine it into their larger plan for their adjacent Hilton Village retail site,” Mast said.