City Office REIT Inc Acquires Office Property In Phoenix For $150M
101 E Washington St, Phoenix, AZ, USA
$150,000,000
$115/SF
Building Size
1,300,000 SF
Asset Type
Office
Closing
Dec 8, 2021
About this deal
AI
The office property located at 101 E. Washington St in Phoenix, AZ was recently sold in a transaction. The property spans 1,300,000 square feet and was sold for a price of $150,000,000. This translates to a price per square foot of $115.
Summary of transation details
- Property Type: Office
- Transaction Amount: $150,000,000
- Date: 12/08/2021
- Address: 101 E. Washington St
- Market: Phoenix, AZ
City Office REIT Inc acted as the buyer in this transaction. They acquired the property from RED Development. The brokers involved in this deal were Ben Geelan, Kevin MacKenzie, Ryan Timpani, and Nick Bialkowski from JLL.
Players
Phoenix Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93