Private equity fund management firm, Equus Capital Partners Ltd., sold the Scottsdale Financial Center in Scottsdale for $28.5 million.
The 107,000 square-foot class-A office building was sold to the Alternative Investments & Manager Selection (AIMS) Real Estate Group, a business unit within Goldman Sachs Asset Management, and was 93 percent leased at the time of sale.
Scottsdale Financial Center is located at 4110 N. Scottsdale Road, at the southwest corner of Scottsdale and Indian School Roads.
Scottsdale Financial Center was acquired in 2008 on behalf of an affiliate of Equus, BPG Investment Partnership VIII, a fully discretionary private equity fund managed by Equus. Since acquisition and after spending over $3 million in renovations, Equus transformed the property into an award-winning, multi-tenant Class-A office building.
The redeveloped property was awarded EnergyStar label from 2011-2016 and was awarded the Office Building of the Year in the Renovated Building Category in 2011 by BOMA Greater Phoenix.
“Scottsdale Financial Center had been virtually untouched since it was built in 1983 and needed a complete overhaul, including building exteriors, roofs, elevators, common areas and landscaping,” said Jonathan Praw, vice president and head of West Coast operations for Equus who oversaw the reposition and disposition efforts for the firm. “When we acquired the complex it was just 68 percent leased. After our renovations were complete, we were able to quickly improve occupancy and take advantage of the strong tenant demand in Old Town Scottsdale,” he added.
