Massive Bank of America campus next to Sky Harbor airport sold to Texas buyer

Bank of America has occupied its campus since 1989 and is located on 37 acres on a long-term ground lease with the city of Phoenix.

BY RON DAVIS/PHOENIX BUSINESS JOURNAL

Jun 8, 2024, 5:00 AM

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The Sky Harbor Center, a five-building campus fully leased by Bank of America, has traded hands. (Cushman & Wakefield Photo)

(Cushman & Wakefield Photo)

A five-building office campus fully leased to one of the country’s largest banks has traded hands.

Located at Sky Harbor Center in the city of Phoenix, Bank of America’s 534,849-square-foot office campus at 1825 E. Buckeye Road has been acquired by PHX West LLC for $44.3 million, according to Cushman & Wakefield, which brokered the deal. PHX West is a Texas entity led by Mark Heymann.

Bank of America has occupied its campus since 1989 and is located on 37 acres on a long-term ground lease with the city of Phoenix.

Public records show the campus was previously owned by an entity connected to Link Logistics, which is owned by investment giant Blackstone.

Steve Lindley and Alexandra Loye, along with the teams of Will Strong and Molly Hunt and Eric Wichterman and Mike Coover — all under Cushman & Wakefield’s umbrella — represented the seller in the transaction. Lindley said the Cushman & Wakefield teams did not work with a broker who represented the buyer.

“This modern office campus is unique in that its multiple-building configuration provides exceptional flexibility and optionality for the existing long-term tenant, as well as any potential future tenant leasing opportunities,” said Loye in a statement. “The property’s Sky Harbor location, adjacent to the airport and in the heart of the Phoenix transportation network, continues to attract strong corporate occupiers.”

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.