An affiliate of RED Development has sold the Block 23, a premier mixed-use, live-work-play asset in the heart of downtown Phoenix, Ariz., for $150 million.
The buyer was City Office REIT.
The sale sets a new per square foot record in the city for multi-tenant office trades, according to JLL Capital Markets, which represented the seller and procured the buyer.
Completed in 2019, Block 23 has 307,030 square feet 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.
