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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.
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.