Until last spring, Denver-based Qwest Communications International Inc. had its regional headquarters in the 20-year-old building at 8900 N. 22nd Ave. "The new buyer is planning on leasing it up, then they'll decide what to do with it," says a spokeswoman for Transwestern's Phoenix office.

Overall vacancies in Phoenix point to continued demand for office space. According to a recent report released by Delta, Transwestern's research arm, 12 million sf of office space is vacant out of a total inventory of 103.8 million sf, meaning a direct vacancy of slightly more than 11%. The nearby Downtown north submarket has 1.3 million sf empty in its 11.1-million-sf inventory, equating to a 12.4% vacancy.

Phoenix West Business Center I was one of three assets in the state bought in 2005 by Transwestern Investment from CarrAmerica Realty Corp. in Washington, DC for $64.25 million. The portfolio included a 175,186-sf building at 5090 N. 40th St. in Phoenix and 140,665-sf structure at 333 E. Wetmore Rd. in Tucson. The spokeswoman tells GlobeSt.com that Transwestern Investment sold the Tucson building in July, but is holding onto the other Phoenix asset for the time being.