Newmark Grubb Knight Frank has negotiated the sale of Madison Square, a 177,312-square-foot, two-building office complex located at 5343-5353 N. 16th St. in Phoenix.
Chris Krewson, Mike Garlick and Michael McQuaid, senior managing directors in the NGKF Phoenix office, represented both the buyer and the seller in the off-market transaction, and secured the exclusive marketing assignment for the property. Madison Square Property, LLC, a joint venture formed by EverWest Real Estate Partners and CenterSquare Investment Management, purchased the office complex from Phoenix-based Orsett Properties. The purchase price was not disclosed.
Built in two phases in 1986 and 1990, Madison Square includes two, four-story office buildings and underground parking. The project was 65 percent occupied at the time of sale.
The buyer plans to reposition the value-add asset through a multi-million upgrade to Madison Square. The new ownership is working with Phoenix Design One, an interior architecture and design firm, to redesign and remodel the project, taking into account the complex’s fundamental qualities and outstanding location. In addition to its easy access to State Route 51 and Phoenix Sky Harbor International Airport, Madison Square’s 16th Street Corridor location places it squarely in the middle of a submarket which has enjoyed a burst of multifamily activity and a variety of recent retail redevelopments. The neighborhood’s positive changes and infill location, combined with the new ownership’s planned improvements, make Madison Square a very attractive environment for employers and their employees.
