City Office REIT Announces Phoenix Acquisition

The acquisition of the premier office building cost a gross price of $150.0 million
City Office REIT Announces Phoenix Acquisition
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City Office REIT, Inc. announced that it has closed the acquisition of Block 23, a premier office building in downtown Phoenix, Arizona. The 307,000 square foot property is an exceptional asset with strong tenancy.

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Located at 101 E. Washington St, Phoenix, AZ., Block 23 is in a highly desirable live-work-play environment in downtown Phoenix, immediately adjacent to dining, entertainment and transportation alternatives.  The newly constructed property was delivered in 2019 with best-in-class finishes, modern tenant suite buildouts and floor-to-ceiling windows on every floor.  Block 23 offers an expansive rooftop amenity deck and three high-end food and grocery options.  The property is 94% leased to a tenant base that is approximately 70% investment grade, with a weighted average lease term remaining of approximately 12 years.

“Block 23 is a perfect fit to reinvest a portion of the proceeds from our recent Sorrento Mesa sale,” commented James Farrar, the Company’s Chief Executive Officer in a statement.  “It is situated in a top location within our footprint of growing markets in the south and west.  The vibrant location, new construction and full suite of on-site amenities has attracted an incredible base of growing tenants.  Closing this transaction has enhanced our portfolio and will generate predictable, long-term cash flow for our shareholders.”

City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located in leading 18-hour cities in the Southern and Western United States. City Office currently owns or has a controlling interest in 5.5 million square feet of office properties.

Lisa Hay

Lisa is a staff reporter for What Now Media Group. She covers new restaurant, retail, and real estate openings across all of our markets. A true foodie, this Air Force veteran has lived all over the world — from Aviano, Italy to Nairobi, Kenya — but her favorite spot is NOLA for its rich history, architecture, culture, and of course, its good eats.
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