Paradise Village Office Park Sells to New York Group
The five-story office building has 268,516 square feet of space. It’s currently 72% leased up.
Time Equities of New York was the buyer of the 1980’s era building. It’s been 13 years since it’s seen any serious upgrades. Time Equities Director Aaron Madeiros is eager to get started on some improvements, “We are incredibly excited to enter the Phoenix office market and have been carefully working with our design team to implement a refresh on the entire building.”
The building features an extensive glass facade, a five-story atrium lobby and a number of conference and training rooms. CBRE research states that the Paradise Valley market offers the highest-end demographic profile.
CBRE’s Barry Gabel and Chris Marchildon represented the sellers, Sterling Equities and Lincoln Property Company.