ARIZONA NEWS

Phoenix office space sold to New York developer for $43 million

Aug 30, 2022, 4:15 AM

(Photo courtesy of lpcdesertwest.com)

(Photo courtesy of lpcdesertwest.com)

PHOENIX — Paradise Village Office Park, a Class-A office building in Phoenix, has been sold to a New York developer for $43 million.

The five-story, 268,516-square foot office space was purchased by Time Equities, Inc., a full service real estate firm, according to a press release.

TEI acquired the building located at 11811 N. Tatum Blvd., near the Paradise Valley Mall area, from Sterling Equities and Lincoln Property Company, their first office property in Arizona.

“We are particularly excited about the acquisition of Paradise Village Office Park for multiple reasons, not least of which being Time Equities’ expansion into the Phoenix office market,” TEI director of acquisitions Aaron Medeiros said.

TEI plans for a “large-scale” redesign of the office’s common areas, as well as new design concepts and amenities, the release said.

Part of that will feature the space’s lobby atrium, which is among the largest in the Phoenix area. TEI will use its Art-in-Buildings program, which will fill the space with works of art from artists around the world.

Current amenities at Paradise Village Office Park include a tenant lounge, conference center and training room, on-site cafe and deli, as well as a covered parking garage that features 945 spaces.

TEI was founded in 1966 and currently holds 38.7 million square feet of residential, industrial, office and retail property.

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Phoenix office space sold to New York developer for $43 million