Grand Central Tower sells for $14.65M
Steve Lindley, Eric Wichterman, Bob Buckley, Tracy Cartledge and Mike Coover of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
Grand Central Tower is a 20-story, 284,709-square-foot, transit-oriented office tower in Phoenix’s Central Corridor. The multi-tenant building, built in 1958, is 34 percent occupied and includes a 4.4 acre surface parking lot that could be developed with multi-family residential.
“The investment in Grand Central Tower offers exceptional value-added potential,” said Lindley. “The buyer plans a complete building repositioning to take advantage of accelerating tenant demand created by rapid improvement in the Midtown submarket, influenced by the Park Central redevelopment, new surrounding luxury apartment construction, and recent announcement of Creighton University’s new $150 million medical school.”