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11/14/16
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Colorado-based DPC Companies has purchased Great American Tower, a landmark high-rise office building in the heart of Phoenix’s Midtown office submarket, in a deal said to be worth around $49 mil ($142/sf). The 24-story, 344.5k sf high-rise, located at 3200 N. Central Ave, was sold by EverWest Real Estate Partners and American Realty Advisors.
Built in 1985, Great American Tower is a Class A high-rise with average building floorplates of 15k sf. The property sits on 2.6 acres at the high-profile intersection of Osborn Rd and North Central Ave. It is currently 86 percent leased to a diverse tenant roll including Dignity Health as well as legal, finance, engineering and government entities.
Great American Tower sits adjacent to the 39-acre Park Central Mall and across the street from the One Lexington condominium high-rise. The Edison Midtown urban condominium project is under construction across the street.
The sellers, who acquired Great American Tower in 2007, had since recapitalized and improved the building with a series of upgrades. The improvements have, among other things, earned the building an ENERGY STAR® ranking of 97 and a “Kilowatt Krackdown” award from the Phoenix Building Owners and Managers Association (BOMA) Green Building Committee.
Chris Toci, Chad Littell and Larry Downey of Cushman and Wakefield represented EverWest and American Realty Advisors in the sale. The buyer is a privately held commercial real estate firm specializing in the acquisition and development of commercial real estate in the West.
“The Central Phoenix/Midtown office submarket is being transformed by the addition of over 4,000 multifamily units either under construction, planned or proposed,” added Toci. “In addition, large-scale expansions of two significant healthcare firms – Dignity Health and Banner Health Systems – have begun to dominate the submarket with 337k sf of leasing during the previous 18 months.”
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