December 12, 2016
Oaktree Capital Management teamed up with Cypress Office Properties to buy nearly one million square feet of office space in downtown Phoenix for an estimated $152 million. Specifically, the SoCal buyers nabbed the 494,004-square-foot One Renaissance Square at 2 N. Central Ave., and the 474,786-square-foot Two Renaissance Square at 40 N. Central Ave.
The buyers and seller, Hines, will close on the transaction later in December. Adam Edwards, K.C. Scheipe and Justin Shepherd with Eastdil Secured brokered the transaction.
The office towers, developed in 1987 and 1989, are 63.4% leased. Tenants include Ernst & Young, General Services Administration, Quarles & Brady LLP, Gammage & Burnham plc and Jones Skelton & Hochuli plc. Jerry Noble and Pat Devine with Cushman & Wakefield are handling leasing.
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