During its ownership, G&IIV Corridors LLC of New York City pushed the class A building's occupancy to 95%, a 10% boost from when it was acquired. "The sellers had bought it from the developer, the Alter Group out of Chicago. They leased it up, decided it was time to sell and to cash in all the chips," Chris Toci, executive director with Cushman & Wakefield of Arizona Inc.'s Phoenix office, says about the motivation to sell 2155 W. Pinnacle Peak Rd. The C&W sales team included senior directors Michael Beall and Tim Whittemore and associates Brian Ackerman and Ted Harrison.
Toci says the buyer, Oppenheim Immobilien-Kapitalanlagegesellschaft MBH, advised by New York City-based Real Estate Capital Partners, beat 11 other offers in the initial bidding round. The fund then went on to triumph over two finalists.
"In the final round of bidding, we'd narrowed it down to the German fund, a pension fund and an investment project," Toci tells GlobeSt.com. "It was pretty aggressively bid by three capable buyers." He says the German fund won out with the highest price and aggressive upfront deposits. "They liked the fact that Chubb Insurance had a pretty good term on its lease," he says.
The Warren, NJ-based Chubb Corp.'s regional office occupies approximately 80% of the four-year-old building, with five years remaining on its lease. "Five years remaining on a term lease may as well be 500 years these days in the Phoenix market," Toci adds.
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