Transaction marks largest office sale in Phoenix since 2022, underscoring growing momentum in covered land play investments
Phoenix, AZ (June 04, 2026) — Newmark announces the Company has arranged the $103 million sale of the Phoenix Education Partners Headquarters, a three-building, 599,664-square-foot Class A office campus situated on approximately 37.12 acres at 4025, 4035, and 4045 South Riverpoint Parkway in Phoenix, Arizona. The transaction marks the largest office sale[1] in Phoenix since 2022[2], reflecting sustained investor demand for scaled, high-quality assets with durable income and long-term strategic flexibility.
Newmark Executive Managing Directors Barry Gabel, CJ Osbrink, and Chris Marchildon, Managing Director Gary Cornish, and Associate Nico Burgarello represented the seller in the transaction.
The property is 100% leased to the University of Phoenix, which occupies the entire campus under a long-term lease, providing stable, in-place cash flow. The buyer, an undisclosed national developer, was attracted to the rare combination of secure near-term income and the inherent flexibility afforded by a 37-acre infill site of this scale, offering a range of potential future use scenarios over time.
“This transaction highlights continued investor appetite for well-located institutional-quality assets that offer both dependable income and meaningful long-term optionality,” said Osbrink. “Opportunities to acquire a fully leased campus of this size and quality, particularly with significant underlying land value, in a core infill location are increasingly limited in Phoenix.”
The sale reflects a broader market trend toward covered land investments, in which investors target assets with strong existing cash flow while recognizing the long-term redevelopment or repositioning potential of the underlying land. Newmark’s Phoenix investment sales team has been at the forefront of this evolving strategy, advising on a growing number of similar transactions across the region as land constraints and shifting demand drivers reshape the market.
Developed in 2008 to serve as the global headquarters of Phoenix Education Partners, Inc. (NYSE: PXED), the parent company of The University of Phoenix, the campus comprises one 10-story building and two six-story buildings. The project features a market-leading 7.7 parking spaces per 1,000 square feet, supported by two multi-level parking structures and extensive surface parking.
Strategically located adjacent to Interstate 10, the property provides convenient access to Downtown Phoenix, Downtown Tempe, and Phoenix Sky Harbor International Airport within a 10-minute drive. The campus is also located within a designated Opportunity Zone, further enhancing its long-term investment appeal.
[1] By sales price
[2] According to Newmark Research