PHOENIX—New York City-based American RealtyCapital has purchased the Freeport McMoRan Center for $110million. The seller was CPE Office Owner LLC, acompany formed by National Real Estate AdvisorsLLC out of Washington DC. The transaction was the highestprice per foot ever paid for class A office space in Phoenixaccording to published reports.

According to industry records, the 249,000-square-foot officespace comprises the top eight floors of the 26-story office-hotelbuilding on the northeast corner of Central Avenue and Van BurenStreet. The deal was brokered through Jim Fijanand Will Mast of CBRE.

Fijan tells, “Freeport-McMoRanCenter is one of the most prominent assets in all of Phoenix. Thelong term nature of the tenant's lease as well as the investmentgrade credit of the tenant makes this a very attractive investment.Phoenix has a tremendous amount of positive momentum right now.Phoenix's office market fundamentals continue to improve,particularly in core locations and that's having a positive effecton the investment market. Transaction volume year-to-date for ClassA and B assets in Phoenix is up 26% compared to 2013; and averageprice per square foot year-over-year for Class A and B assets inPhoenix is up 22%. Moreover, top of the market price per squarefoot year-over-year is up 80%.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.