Accounting firm buys Arizona Republic office building in downtown Phoenix
Dec 11, 2023, 4:15 AM
(Photo by Mike Sunnucks)
Phoenix-based ViaWest Group has sold the downtown Phoenix office tower that houses The Arizona Republic and KPNX-TV 12News.
The 10-story office building, called 200EVB, sold on Nov. 30 for $14.5 million to Pivot 200 EVC LLC. The entity is connected to Eric Stenson, the CEO of Phoenix-based financial advisory and accounting firm Stenson Tamaddon, according to real estate database Vizzda.
“We decided to sell 200EVB primarily because we had been in the project for longer than our original business plan due to Covid and other market factors,” said Steven Schwarz, founding partner for ViaWest Group, in an email to the Business Journal.
Schwarz said his firm is focusing most of its capital on industrial properties and potentially multifamily, so the sale of the office building at 200 E. Van Buren St. will allow the company to free up cash for other sectors.
Earlier this year, ViaWest also sold the adjacent parking garage for $25.5 million with an option to lease back some of the parking spaces in perpetuity, Schwarz said.