Developer buys downtown Phoenix office building for $15.25 million
PHOENIX – A Phoenix real estate developer said Friday it plunked down $15.25 million for an office building in downtown’s burgeoning Roosevelt Row Arts District.
The new owner, True North Studio, plans to add food and beverage concepts as well as paid public parking to the property on the northeast corner of Central Avenue and Roosevelt Street.
“This is a marquee building for the Central Avenue corridor and a true gateway into the Roosevelt Row Arts District, the Downtown Core, historic residential neighborhoods and cultural venues around Hance Park,” Jonathon Vento, True North’s founder, said in a press release.
The developer, who is rebranding the complex as the “Ten-O-One” building after its street address (1001 N. Central), will collaborate with architect DAVIS and contractor Venn Construction. Western Retail Advisors will work on tenant attraction.
“Ten-O-One is the only office building of this scale located in the vibrant Roosevelt Row Arts District, exactly where talent attracted to new-economy companies want to work, live and play,” Steve Lindley of Cushman & Wakefield, the company that brokered the deal, said in the release.
The Maricopa County Environmental Services and Air Quality departments occupied much of the building until their lease expired at the end of 2018.
True North is also in the process of developing two other high-profile downtown projects, the Cambria Hotel and Punch Bowl Social, a restaurant, bar and entertainment venue. Both are expected to open later this year.