Mixed-use building Block 23 in downtown Phoenix sells for $150M

PHOENIX —  Real estate services provider JLL Capital Markets announced last week it closed on a $150 million sale of a mixed-use building in downtown Phoenix.

The sale of Block 23 set a record for per square foot multi-tenant office trades, JLL Capital Markets announced in a press release. 

JLL Capital Markets represented the seller, an affiliate of RED Development, in the deal.

The 307,000-square-foot space features floor-to-ceiling windows and includes a pickleball court, sky lobby and on-site parking garage.

Block 23 is a mixed-use, live-work-play destination next to CityScape, across from the Footprint Center and near Chase Field.

Also included in the building is a Fry’s Fresh Marketplace, Blancos Tacos and Tequila, and Ingo’s Tasty Food, the release said.

“Block 23 has a superior long-term core location in downtown Phoenix, which has seen more than $6 billion of investment into the immediate area since 2005,” Senior Director of JLL Capital Markets Ben Geelan said in the release.

“We have seen a robust interest from investors for newly constructed best-in-class mixed-use assets. RED Development delivered just that with Block 23. The dynamic live-work-play offering resulted in a record setting price for a multi-tenant mixed-use asset.”

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