Newmark announces the company has arranged the sale of One North Central, a 429,120-square-foot, 20-story Class A office tower located at 1 North Central Avenue in the heart of Downtown Phoenix. Newmark Executive Managing Directors Chris Marchildon, Barry Gabel and CJ Osbrink represented the undisclosed seller.

One North Central is a prominent high-rise office asset located within Phoenix’s central business district. Constructed in 2001, the tower features approximately 429,120 square feet of office space and benefits from its walkable downtown location with access to the Valley Metro light rail system, nearby entertainment venues, government offices and educational institutions. The property also includes a recently completed amenity center, structured and subterranean parking, and ground-floor retail offerings. New ownership, a Beverly Hils, California based AXS Opportunity Fund, has retained Newmark Senior Managing Director Brett Abramson, Managing Director Chris Latvaaho and Director Chris Beall as the leasing advisors for the property.

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“The sale of One North Central reflects growing investor interest in well-located, institutional-quality office assets that offer both scale and long-term value creation opportunities,” said Marchildon. “As capital continues to return to the office sector, properties with strong fundamentals and irreplaceable downtown locations are attracting increased attention from buyers.”

The sale marks another notable high-rise office transaction in Downtown Phoenix, a market that remains a focal point for investors seeking exposure to one of the Southwest’s fastest-growing metropolitan areas. Situated along Central Avenue, the property offers immediate access to major employment centers, government agencies, Arizona State University’s Downtown Phoenix campus and an expanding collection of retail, dining and entertainment amenities.

“High-rise office towers in Downtown Phoenix represent a unique investment opportunity within the market,” said Osbrink. “This transaction demonstrates that there is active capital pursuing large-scale urban office assets when they offer institutional quality, a strategic location and a clear path to future value creation. We expect investment activity to continue as buyers evaluate an expanding universe of opportunities across the office sector.”

U.S. commercial real estate transaction volume climbed 31% year-over-year to $293 billion in the first half of 2026, with office transaction volume increasing 37% during the same period, according to Newmark’s 2Q26 U.S. Capital Markets Conditions & Trends report. While distress levels remain below historical peaks, office investment activity continues to build as capital seeks opportunities across the sector. Against that backdrop, significant urban office assets such as One North Central are attracting attention from investors looking to acquire scale in strategic downtown locations.