PHOENIX-Fort Worth-based Crescent Real Estate Equities, stripping non-core assets from its portfolio, has reaped about $9.3 million by selling one of its two Phoenix office buildings. The one to go is a 36%-leased, 84,458-sf structure at 6225 N. 24th St.

Jerry Jacobs of the Phoenix office of Cushman & Wakefield of Arizona Inc. tells that he and Larry Downey were in the process of re-leasing the 21-year-old building when they found a buyer in the form of a locally based limited liability company, 6225 Partners LLC. Joe Jackson of SASI represented the buyer.

The buyer intends to occupy a large portion of the building for administrative offices for its medical-related group. Jacobs confides the buyer is courting a prospect to take another sizable chunk.

The loss of several large tenants rather than a plethora of small ones eroded occupancy. A 5,500-sf hit came in May when Employee Solutions filed a Chapter 7 bankruptcy, according to Jacobs. The tenant roster still includes L. Roy Papp & Associates and DEI Professional Services.

Crescent was seeking about $10 million for the building situated in the Camelback Corridor, clearly a submarket that’s been hit hard by office vacancies. Still, it’s a rare happenstance that a user can break into the prestigious submarket unlike Scottsdale where there’s ample opportunity with the inventory of new product, Jacobs points out.

Crescent is sitting tight on its other Phoenix asset: the 28-story Two Renaissance Square in the CBD. It’s not up for sale and it’s not categorized a “non-core asset” in the portfolio.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


© 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.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.