Esplanade III in Phoenix Sold for $74M

Dallas-based investment firm Crow Holdings has purchased one of the Esplanade buildings in the Biltmore area of Phoenix for $74.3 million, or $336 a square foot, in a cash deal. AEW Capital Management of New York sold the tower, which it paid $77 million for in 2006. Jim Fijan and Will Mast with CBRE's Phoenix office negotiated the sale, along with Kevin Shannon of CBRE's South Bay, CA office.

"This is the highest price per square foot for a multi-tenant, class A asset since the downturn," said Jim Filjan of CBRE. "Office fundamentals are improving and pricing is approaching pre-recession levels. Investors are taking notice and have shifted their attention to Phoenix, especially as pricing in coastal markets skyrockets.

Esplanade III is a ten-story office complex totaling 218,266 rentable square feet and is conveniently located just minutes from downtown Phoenix, Scottsdale and Phoenix Sky Harbor International Airport. Major tenants include CBRE, Alliance Residential, Regus, Helios and Major League Baseball's western headquarters.

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