Prospect Ridge and ViaWest Group have sold the Biltmore Center, comprised of three Class A office buildings totaling approximately 643,145 square feet on the northwest corner of 24th Street and Camelback Road in Phoenix.
A joint venture formed by Phoenix-based ViaWest Group sold the asset to a newly-formed venture, with ViaWest maintaining an ownership and management position. The property sold for $212 million.
This sale is the largest multi-tenant office sale in metro Phoenix in 2019 and the fourth largest in Phoenix history.
The prior joint venture purchased the office complex in 2015 for $163.1 million at a time when office vacancies were still at prerecession highs above 25%. However, ViaWest saw a value-add opportunity with the right location, views, access, parking and tenant base.
Beginning with a rebranding, ViaWest made significant investments to elevate the property, including updated lobbies and cor
