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City Office REIT Buys Downtown Phoenix Mixed-Use Asset for $150 Mil

12/09/21

Block 23, a premier mixed-use, live-work-play asset in the heart of downtown Phoenix, has a new owner after it was sold by an affiliate of RED Development for $150 mil. The property, located at 101 E. Washington St, was purchased by City Office REIT Inc.

Completed in 2019, Block 23 has 307k sf of Class A office, retail and amenity space highlighted by floor-to-ceiling windows, 360-degree skyline and mountain views and a market-leading amenity package, including a pickleball court, sky lobby, rooftop amenity deck and an on-site parking garage. In addition, Block 23 features Fry’s Fresh Marketplace, which is downtown’s only full-service grocer, and restaurant concepts Blanco Tacos & Tequila and Ingo’s Tasty Food. Overall, Block 23 is 95.5% leased by a diverse set of investment grade tenants, including Western Alliance Bank, EY and Chase.

Block 23 is positioned at the epicenter of downtown Phoenix. This vibrant live-work-play destination has immediate access to more than 1.8 msf of retail, more than 7,000 residential units and more than 4,500 hotel rooms within a mile radius of the property. In addition, Block 23 is immediately adjacent to CityScape Phoenix, a new 1.2 msf mixed-use property and is directly across from the Phoenix Suns Arena (Footprint Center) and close to the Arizona Diamondbacks Stadium (Chase Field).

Geelan and Kevin MacKenzie with JLL Capital Markets represented the seller in the deal. Ryan Timpani and Nick Bialkowski, also with JLL, represented the seller on the leasing of Block 23.




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