U-Haul Buys 25-Story Phoenix Office Tower

Bank of America sold 20 East Thomas Road, an iconic 25-story office tower totaling 548,938 square feet in Phoenix’s Midtown submarket. The third largest office building in the state of Arizona and third largest in the Phoenix market sold for $23.7 million to U-Haul International. The sale included 49 E Thomas, a 1.09-acre excess land parcel for additional parking.

Eric Wichterman, Chris Toci and Mike Coover with Cushman & Wakefield in Phoenix represented Bank of America for the sale after foreclosing on the property during Summer 2024. B of A foreclosed on LBA Realty, who paid $76 million for the property in 2006.

U-Haul intends to occupy the majority of the building, a real estate expansion for the company that serves millions of do-it-yourself households moving customers annually. U-Haul plans to consolidate its team members from other nearby buildings it currently owns. U-Haul will continue to lease approximately 16% of space at 20 E Thomas to existing tenants in the building.