DRAWBRIDGE REALTY ACQUIRES OFFICE BUILDING IN PHOENIX, AZ FOR $14.5 MILLION
Phoenix, AZ - February 18, 2016 - Drawbridge Realty, a San Francisco based real estate investment company, announced today the acquisition of 11001 North Black Canyon Highway in Phoenix, Arizona for $14.5 million. The Class A, 95,208 square foot, four-story office property is 100% leased to Massachusetts Mutual Life Insurance Co. This location serves as the company's western United States regional headquarters location, including the firm's U.S. insurance and retirement businesses, as well as customer service operations. The property is centrally located along the I-17 freeway in the Metrocenter submarket, a preferred location for corporate users due to convenient access to residential housing and amenities.
This property represents Drawbridge's first investment in Phoenix.
"Drawbridge is excited to enter the Phoenix market with this transaction and to add Massachusetts Mutual to its corporate tenant roster," said Chris Elmendorf, Vice President of Investments at Drawbridge Realty. "This asset fits within our mission of acquiring well-located, high quality assets leased to corporate users."
The seller was represented by Bob Buckley, Tracy Cartledge, and Steve Lindley, of Cushman and Wakefield.