Biltmore Holdings plans to convert the 18-story structure into office condominiums, according to Charles Miscio, a first vice president in Phoenix for CB Richard Ellis Inc. "We feel there would be tremendous demand for condos downtown," he says. The CBRE sales team included Robert Young, Glenn Smigiel, Steven Brabant and Rick Abraham, all in Phoenix, and Peter Stevens in Philadelphia.

"Of all the buildings I've ever been involved with in my career, this one was the most active in terms of interest," Miscio tells GlobeSt.com. He says Biltmore Holdings was one of the top five offers, but won the deal for its ability to close and vision for the project. "We wanted to make sure that it would become a flagship property in the downtown," he explains.

Miscio says the 1970s-era building is 70% occupied. "It's definitely a value play," he adds. Biltmore Holdings plans to make significant improvements to the structure's exterior and common areas but, he says, "we're still evaluating how much work it needs and how much money it will cost to make the improvements."

According to Miscio, the office condos will be tagged at $170 per sf to $200 per sf. "The beauty of this building is that it offers second-generation space," he says. "It's not like your typical suburban office condo. The second-generation space will offer a lot ofcost savings to the buyer."