The Phoenix-based Starwood had previously contracted with Scottsdale Property Management. The Phoenix buildings are Phelps Dodge Building, 2600 N. Central Ave.; One Columbus Plaza, 3636 N. Central Ave.; Broadway Commerce Center, 4001 E. Broadway; Stewart Walker Building, 3795 N. 39th Ave.; Woods Lithographics, 3430-3433 W. Catalina; Valley Commerce Center & Marshall Building, 4745-4747 N. 7th St.; 202 E. Earl Dr.; Central Park Forest, 2700-2702 N. 3rd St.; Camelback Commerce Center, 5022 N. 54th Ave.; and IRS/Cypress, 2120 N. Central Ave. The Mesa property is North Centennial Way, 161-165 N. Centennial Way.
The Phelps Dodge Building, which is near the southwest corner of Thomas Road and Central Avenue, will be vacated by the copper giant sometime next year, when its new headquarters in downtown Phoenix is completed.
Several of the buildings are in the city's midtown area, which has one of the highest vacancy rate of any submarket in the Valley. At the start of the second quarter, the midtown's vacancy rate had been about 16% in comparison to an overall vacancy rate of 10%. Starwood Asset Management is a division of Starwood Capital Group, based in Greenwich, CT.
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