Downtown Phoenix's newest office tower sells for $150 million

Block 23.jpg
Posted at 9:07 AM, Dec 08, 2021
and last updated 2021-12-08 11:07:35-05

PHOENIX — Phoenix developer RED Development has sold Block 23, downtown’s newest office tower, to City Office REIT for $150 million.

According to JLL, the whopping price tag for the office tower sets a city record for the highest price per square foot for a multi-tenant office and is the highest-priced office sale of 2021 so far.

Block 23, which completed construction in 2019, totals 307,030 square feet, including office and retail space. The development, at 101 E. Washington St., is home to downtown’s first grocery store, a Fry’s Fresh Marketplace, located on the first floor of the building.

Other retailers in the building include Ingo’s Tasy Food and Blanco Tacos & Tequila. The office portion of the building is 95% leased to several tenants including Ernst & Young, Western Alliance Bank and Chase. CVO Holding Company, a transportation technology company, moved its headquarters to Block 23 in August 2020.

Read more of this story from the Phoenix Business Journal.