"We really like the Phoenix market. It's a great market and the employment growth is expected to be phenomenal," a contact for the Fort Worth-based Crescent says about the 1201 S. Alma Road acquisition. "It's second only to Las Vegas in terms of growth. And, it has some of the characteristics similar to our other markets."

The contact tells GlobeSt.com that Phoenix is a market in which Crescent will continue to scope out opportunities, but declined to say if any other property is under contract. "We continue to search for direct acquisitions, joint ventures or direct mezzanines," she adds. Last September, Crescent reaped $251 per sf from the sale of Two Renaissance Square.

Cosmetic changes and minor upgrades are scheduled for the 20-year-old building, but overall it "is in very good condition," the contact says, adding the immediate plan is extend the short-term leases and lock in new rates. "With the market being so strong there, rates will also be strong over the next few years," she assesses.

Denver-based AmeriVest purchased Financial Plaza in 2003 for $39 million. A Cushman & Wakefield Arizona Inc. team in Phoenix brokered the sale.