X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-GlobeSt.com has confirmed that the class A, 409,889-sf Phelps Dodge Tower is on track to change hands in two weeks. It’s also been confirmed that Mitsubishi Estate Co. Ltd. is the buyer.

Sumitomo Corp. of America in New York City bought the 20-story trophy at 1 N. Central Ave. in May 2004 from its Minneapolis-based developer, Ryan Cos. The seven-year-old building is 98% leased.

If a locally reported price is accurate, the deed will cost $312 per sf or nearly $128 million. GlobeSt.com previously was told that the rumored price was $130 million. The CBD’s largest transaction to date was $345 per sf for Collier Center, a 512,000-sf office tower, 90,000 sf retail and restaurant piece and 1,500-space underground parking garage at 201 E. Washington St.

Sumitomo owns other properties in the metro, but Phelps Dodge Tower is its only office holding in the region. Representatives for the seller have declined to comment on the deal until it’s closed.

Mitsubishi Estate Co. owns and operates office, retail, hospitality and residential properties. According to its website, the Japanese-based company plans to invest in US suburban office buildings, distribution centers and residential projects.

Phelps Dodge Corp. has had its headquarters in Phoenix since 1982 when it moved from New York City. The corporation was acquired last year by Freeport-McMoRan Copper & Gold Inc., which has continued to operate out of the Phelps Dodge Tower.

CB Richard Ellis senior vice presidents Brad Anderson and Luke Walker, vice president Bryan Taute and sales assistant Bryce Terveen, all in Phoenix, were marketing the landmark office property. The CBRE brokers didn’t return telephone calls by deadline to comment on the pending trade.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.