9/26/2007

AEW buys Phoenix office property for $53 million

by

North Scottsdale Corporate Center I

AEW SCT Acquisition Co., a Los Angeles subsidiary of AEW, has purchased the North Scottsdale Corporate Center I in Phoenix for $53 million from Miller Global Corp.

Miller purchased the building on a pre-sale from the property's developer, Opus West Corp., according to Jerry Roberts, Executive Vice President of CB Richard Ellis' Phoenix office. Roberts, along with Executive VP Jim Fijan, represented Miller in the transaction.

CBRE's local Asset Services division has been named the manager of the 152,161 square foot property.

Corporate Center I, which was 100 percent occupied at the time of sale, is home to Allied Waste Industries' corporate headquarters. Allied currently leases 95 percent of the four-story building.

The $53 million price tag marks the second highest amount paid for Class A office space in the Phoenix/Scottsdale area this year.

AEW is a real estate management company and an autonomous subsidiary of Natixis Global Asset Management, an investment management firm.

CB Richard Ellis is one of the world's largest commercial real estate brokerage firms.

Address: 18500 North Allied Way, Phoenix, Ariz.

Size: 152,161

Built: 2006

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Filed Under: Office

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