Concord Place, a six-story, 135,841-square-foot office building in Phoenix, sold for $32 million. The property, located at 2999 N 44th Street, is one of Phoenix’s most distinctive office properties, easily recognized for its unmistakable patinated copper dome.
Built in 1989 and located in the Arcadia and 44th Street corridor, Concord Place was designed with smaller tenants in mind, with suites that average just 3,000 square feet. This niche is enjoying strong demand, as reflected in the building’s vacancy rate of only 8.4%, lower than average in the 44th Street Corridor and across Phoenix since 2017, according to CoStar.
Concord Place was never designed to be ordinary. Palatial Old World European architecture sets the tone at the property, with a grand staircase lobby, flagstone-clad plazas, and a 12,800-square-foot koi pond below the balconies.
Chris Toci and Eric Wichterman of Cushman & Wakefield‘s Toci | Wichterman Team represented the seller, Concord Place Investments, LLC. A Commercial Properties Inc. team led by Tyson Breinholt represented the buyer, Mustang Stampede Two, LLC.
The post Phoenix Office Building Goes for $32M appeared first on Connect CRE.
​Â
