While all investments were traditional offices, the deals involved all types of property classes, with nearly 987,608 square feet in Class A assets. More than half of the traded properties were located in suburban submarkets.
The largest property that traded was the 499,000-square-foot Freeport – McMoRan Center in Phoenix’s CBD. Griffin Capital purchased the iconic high-rise formerly known as One Central Park East in a $1.3 billion unrecorded portfolio transaction, which encompassed 4 million square feet of office, industrial, laboratory and retail space across 26 properties.
The largest single-asset transaction involved a property located in the Phoenix Deer Valley submarket. BPM Real Estate Group paid $110 million for the three-building, 365,672-square-foot PetSmart Headquarters, financing the transaction with a $68 million loan from 3650 REIT. The asset sold for $300.8 per square foot, higher than the average $235 recorded year-to-date across the metro as of March.
CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here. We included properties of 25,000+ square feet in our research.