Jobs Ranking Means More Office Properties
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Payne says the office property is central to executive and employee housing.
SCOTTSDALE, AZ—Paradise Valley Corporate Center, a 198,000-square-foot office building at 4835 East Cactus Rd. has been purchased by Buchanan Street Partners. The acquisition increases Buchanan Street’s real estate investment holdings in the Greater Phoenix area to more than 1.3 million square feet as the firm continues to expand its Arizona portfolio. Terms of the sale were not disclosed.
Brian Payne, vice president at Buchanan Street Partners, tells GlobeSt.com: “We remain bullish on the Greater Phoenix region and anticipate strong job growth to drive office absorption. In the last year, Phoenix added more than 15,000 office-using jobs, ranking 11th out of the top 50 MSAs. With room to grow in rental rates, we anticipate Paradise Valley Corporate Center will benefit from a tightening office market.”…
