Cushman & Wakefield Negotiates Sale of Historic Downtown Phoenix Building
PHOENIX, Arizona – Cushman & Wakefield announced that Montana Avenue Capital Partners of Santa Monica, Calif. purchased the Heard Building, located at 112 N. Central Avenue in Phoenix, from One Twelve North Central, LLC of Phoenix for $5 million ($76 PSF).
Cushman & Wakefield’s Scott Baumgarten and Mark Stratz facilitated the transaction, with the assistance of the capital markets team of Steve Lindley, Bob Buckley, Tracy Cartledge and Ben Geelan.
An iconic structure to Downtown Phoenix, the Heard Building is an eight-story, historic office building totaling 65,531-square-feet. Located on Central Avenue between Monroe and Adams streets, the building is 38% leased and features a poured-in-place concrete structure, operable windows and tremendous natural light.
“The Heard Building is one of a few national historic office buildings available for lease in Arizona, creating strong demand from leading-edge design and technology tenants looking for an authentic, historic space in the heart of downtown Phoenix’s renaissance including hip new restaurants, bars, coffee, sports and entertainment,” according to Scott Baumgarten, Vice President at Cushman & Wakefield.
Constructed in 1919, the Heard Building was the tallest building in Arizona upon completion in 1920. The project was conceived and financed by Dwight B. Heard, alongside the Commonwealth Investment company, and the building acted as a headquarters for Heard’s investment and publishing ventures. With its rich history, including its cinematic debut in the 1960 Alfred Hitchcock thriller Psycho, the Heard Building will undergo a full exterior and interior renovation.
“Montana Avenue Capital will immediately start a multi-million-dollar renovation to complete the conversion to the highest-quality creative office standards, including all new glazing, upgraded common areas, open tenant spaces, and a local art program both interior and exterior. These improvements will continue to attract design and technology tenants like Booking.com and Winslow + Partners architecture, who have already leased space and were attracted to the Heard Building’s authentic design and light rail accessible location,” said Eric Schultz, Vice President of Montana Avenue Capital Partners.