Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-A US-based investment fund had to put a high offer of $130 million on the table to beat out more than 10 other prospective buyers for One Renaissance Square. The seller, Maguire Properties Inc., plans to transfer the title to the 484,000-sf, class A office building before the quarter ends.

The mystery buyer is an entity that Maguire “didn’t know anything about,” Bill Flaherty, senior vice president for the Los Angeles-based Maguire, tells GlobeSt.com. “We had an internal target for the property and the sale price wasn’t widely off. We think it’s a fair price.” The buyer will have to assume $104 million of mortgage debt. For previous story, click here.

Los Angeles-based Security Capital Corp. and CB Richard Ellis Inc.’s local office partnered to market the 18-year-old tower at 2 N. Central Ave. “The activity on this building was mind-boggling–overwhelming,” CBRE’s Charles Miscio says. One Renaissance Square, with an average rent of $15.33 per sf, is 90.8% occupied to a mix of national and local tenants.

Flaherty says Maguire put One Renaissance Square on the market “as soon as we could” after inheriting it in March through a $1.5-billion portfolio acquisition from CommonWealth Partners LLC, Rockefeller Group International Inc. and the California Public Employees Retirement System. The portfolio, commonly referred to as the Fifth Street Properties Portfolio, gave Maguire Properties its inroad into the San Diego market.

“With the CommonWealth portfolio, it was all or nothing,” Flaherty says. “We wanted the L.A. properties and wanted into San Diego, but we also had to take Phoenix and Austin. They’re both quality assets, but the key is that we’re a Southern California company and One Renaissance Square doesn’t fit us from a core standpoint.” He adds Maguire Properties is close to coming to an agreement to sell Austin Research Park I and II, 271,889 sf of class A space the Austin property. He says the deal could be inked within weeks.

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?

Dig Deeper


Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.