A massive Phoenix office building – one of the last such structures built in 2008 before the Great Recession tamped down such construction – is now on the market with an asking price of $21.7 million.
Located at 1860 N. 95th Lane, some 12 miles to the west of downtown Phoenix, the West Corporate 101 Center is designated as a Class A office building and houses offices for everyone from the Arizona Department of Child Safety to the Sunflower Bank and the Gateway Mortgage company.
It is currently 100% leased.
The nearly $22 million price tag, while putting the facility in the upper reaches of office property in metro Phoenix, represents what the market will bear. Measuring just over 81,000 square feet, the three-story building is graced by a spacious lobby fronted by floor-to-ceiling windows.
The property changed hands three years ago when it was sold for $17.5 million and was 93% leased. In 2019, it changed hands when the going price was $8.5 million and was only 53% leased.
Because of the Great Recession, finding tenants for the structure proved an initial struggle. Some two years after the building was officially opened, it was still only around a third leased.
The property is being listed by the Mesa-based firm Cobe Real Estate.
By Garry Boulard
