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Iconic PHX Office Tower Trades for $81M
BMO Tower at Central Arts Plaza, a 24-story, 485,687-square-foot office building in Phoenix, has sold for $80.7 million. A joint venture between California-based McCarthy Cook & Co. and New York-based Morgan Stanley Real Estate Investing divested the property, along with an adjacent 1.94-acre parcel to 1850 Central, LL, a Southern California-based investor.
Located at 1850 and 1884 N. Central Ave., the Class A high-rise was built in 1991 and designed for Dial Corporation’s international headquarters.
CBRE Capital Markets’ Barry Gabel, Chris Marchildon, Todd Tydlaska and Sean Sullivan represented the seller.
Gabel says, “BMO Tower at Central Arts Plaza is one of the most visible and iconic properties within metropolitan Phoenix. When you factor in the world-class design, onsite amenities, strong and diverse tenancy, and the Central Arts District location, it created a truly irreplaceable investment opportunity at a price significantly below replacement cost.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition