Newmark Facilitates Sale of Landmark High-Rise Office Building in Midtown Phoenix

Photo Credit to Mark Yori

May 29, 2024 9:00 AM

Newmark has arranged the sale of 3200 Central, a landmark high-rise office building in the heart of Midtown Phoenix, for an undisclosed amount.

Newmark Executive Managing Directors Barry Gabel, Chris Marchildon and CJ Osbrink represented the seller, DPC.

“3200 Central is a fully renovated, centrally located office building with wonderful amenities. The property offers new ownership an immediate opportunity to add value by leasing the available space, some of which has already been built out into spec suites,” said Osbrink.

The premier Class A office tower, located at 3200 N. Central Avenue, boasts 350,049 square feet across 25 stories. Having recently undergone a transformative renovation, the property features contemporary lobby finishes, upgraded building systems and modernized spec suites. New amenities include a fitness center, a boutique deli, a bank branch, storage units, a conference facility, showers, lockers and 24/7 security.

Osbrink added, “We are witnessing a resurgence in well-maintained and competitively positioned office investments, highlighting renewed confidence in the commercial real estate market.”

Situated on one of the Phoenix MSA’s major north-south thoroughfares, the property is located near abundant amenities and a multitude of transit options. Phoenix Sky Harbor International Airport, only minutes away, can be directly accessed via the Metro Light Rail System.

Phoenix Midtown, home to a young and educated workforce, is a thriving center of commercial and residential activity. 60% of the metro area’s population is within a 30-minute commute, well-connected via public transit and regional access.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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