Working on behalf of City Office REIT, Inc., the transaction is the first closing in the sale of their Phoenix portfolio
PHOENIX, (Sept. 3, 2025) – JLL Capital Markets announced today that it has closed the $266 million sale of six office assets of of03 Class A buildings totaling 1.247 million square feet in Phoenix, Arizona.
JLL represented City Office REIT, Inc. (NYSE: CIO) in the sale of the properties to Southwest Value Partners. The transaction is the first closing in the sale of City Office REIT, Inc’s. Phoenix portfolio, which also includes Pima Center that is expected to close at a later date, subject to the company obtaining certain approvals related to the property's ground lease.
The portfolio consisted of the following six properties located throughout the Phoenix metropolitan area:
Phoenix Office Portfolio – Six Property Sale
| Property | Address | Submarket | Square Feet |
|---|---|---|---|
| Block 23 | 101 E Washington St. | Downtown | 307,000 SF |
| 5090 N 40th St. | 5090 N 40th St. | Camelback Corridor | 173,000 SF |
| SanTan | 3100–3200 W Ray Rd. | Chandler | 267,000 SF |
| Papago Tech | 1600–1700 N Desert Dr. | Tempe | 163,000 SF |
| The Quad | 6200–6390 E Thomas Rd. | Scottsdale | 163,000 SF |
| Camelback Square | 6991 E Camelback Rd. | Scottsdale | 174,000 SF |
The properties have strategic locations near Sky Harbor International Airport, executive housing and major Phoenix thoroughfares, including Interstate 10.
JLL’s Capital Markets team representing the seller was led by Senior Managing Director Ben Geelan, Managing Director Will Mast and Senior Director Charlie von Arentschildt, with advisory services provided by JLL Senior Managing Directors Sher Hafeez and Michael Leggett, Director Dan Freese and Associate Josh Lieberman.