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Oaktree Capital and Cypress Office Properties JV buys Phoenix office asset

by Andrea Waitrovich

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

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