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Phoenix Office Tower Fetches $100 Million

A 24-story, 480,000 sq. ft. office building in Phoenix has sold for more than $100 million. Real estate investment firm McCarthy Cook & Co. acquired the Class-A office tower at 1850 North Central Avenue. The seller was a partnership between Mississippi-based Parkway Properties and Investcorp.

The 97% leased Viad Corporate Center includes tenants such as Aon Corp., the Associated Press, LandAmerica Financial Group, PricewaterhouseCoopers and Viad Corporation.

“Viad Corporate Center is one of the premier office properties in the Phoenix market, with an outstanding location in the city’s core business and cultural district,” says Tom McCarthy, co-President of McCarthy Cook & Co.

This latest transaction marks McCarthy Cook’s second joint venture with a fund advised by JP Morgan Asset Management — Real Estate. Last year, the venture acquired Trident Center, a two-building, 10-story office campus with a combined 383,000 sq. ft. in West Los Angeles.

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