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October 27, 2020
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Renovated Phoenix Office Asset Traded in $16.75 Mil Transaction


The Fordham office complex, a 90.7k sf office property in Phoenix, sold for $16.75 mil, or $185/sf. The asset consists of two multi-tenant office buildings located at 1430 and 1440 E. Missouri Ave. The property was 92% leased to a variety of users at time of sale.

The two-story property features large interior lobbies with grand staircases, and spacious common area courtyards providing outdoor areas for employees to work, collaborate or relax. The seller completed an extensive and tasteful multi-million dollar interior/exterior renovation in 2018 that included new tenant improvements invested in over two-thirds of the project’s suites.

Eric Wichterman and Mike Coover with Cushman & Wakefield represented the seller, 1440 Missouri Partners LP, controlled by Phoenix-based Jevan Capital. The buyer was PE LLC, out of Corona.

“This is a superb garden-style office complex located in a prime infill hot-spot of Phoenix,” said Wichterman. “Originally developed in the 1980s, The Fordham’s unique and classic architecture has earned it ‘landmark’ status.”

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