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7/30/25
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Forty6Forty5, a 116.9k sf, Class A two-story office building in Phoenix, was purchased for $10.05 mil ($86/sf) by PRH XXXXV LLC, a Delaware limited liability company formed by a high-net-worth individual. The buyer intends to relocate two businesses -- Legacy Capital Services and Shield Legal -- into a portion of the building while benefitting from passive income generated by existing tenants occupying 23% of the space.
The property is located at 4645 E Cotton Center Blvd. The sale of Forty6Forty5 is the last of a three-building portfolio within the Cotton Center Business Park.
Located along the Phoenix/Tempe border in the prestigious Cotton Center Business Park, Forty6Forty5 is within 10 minutes of seven major freeways and Phoenix Sky Harbor International Airport. Its infill location offers connectivity to both the East Valley's tech workforce and Central Phoenix's executive housing. The property’s favorable submarket dynamics combined with Tempe-level amenities at Phoenix-level rents make it a uniquely positioned asset for an evolving office environment.
Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s Capital Markets and Private Capital teams in Phoenix represented the seller. Cushman & Wakefield was assisted in the transaction by the property’s leasing team, Brett Thompson of JLL. Additionally, Mike Bench of Voit Real Estate Services’ Southern California office was instrumental in advising and guiding the buyer throughout the transaction.
“Forty6Forty5 offered a compelling blend of immediate occupancy for an owner-user, stabilized income and exceptional construction quality,” said Toci. “The buyer was particularly drawn to the institutional-level infrastructure and creative-style tenant improvements, which include exposed ceilings, oversized break areas and a collaborative training space enclosed by a roll-up garage door.”
“The building's design featuring a central core flanked by two efficient wings offers abundant natural light and exceptional flexibility for multi-tenant or single-user occupancy,” added Wichterman. “And with over $9.4 mil invested in recent renovations, including a 358-stall parking deck, Forty6Forty5 represents a turnkey headquarters opportunity in one of the Valley’s most strategic locations.”
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