Oaktree Capital and Cypress Office Properties JV buys Phoenix office asset
A joint venture between Oaktree Capital Management and Cypress Office Properties has acquired the 1 million-square-foot Renaissance Square office towers in Phoenix.
The sellers were two limited partnerships managed by Hines Interests Limited Partnership. Eastdil Secured brokered the transaction. At year-end 2007, entities formed by Hines U.S. Core Office Fund paid a reported $272.9 million ($282 per square foot) to buy Renaissance Square.
The two-building, 968,790-square-foot office plaza is comprised of the 25-story, 494,004-square-foot One Renaissance Square at 2 N. Central Ave. and the 28-story, 474,786-square-foot Two Renaissance Square located at 40 N. Central Ave. The red granite buildings are connected via a pedestrian sky bridge.
The land underneath the Renaissance offices and parking garages is owned by the City of Phoenix and the Oaktree/Cypress joint venture has assumed the ground leases.
The Renaissance Square office towers, devel