Dealmaker: Arizona Republic Office Sells for $38M

ViaWest Group, Phoenix, acquired the 10-story office building 200 E. Van Buren St., presently home to the Arizona Republic newspaper.

Phoenix Newspapers Inc., Phoenix, sold the 240,0000-square-foot Class A office property for $157 per square foot. The newspaper will lease back 99,000 square feet and remain in the property. KPNX-TV and G/O Digital will occupy the remaining space.

A semi-adjacent parking garage located at 460 N. 3rd St. was included in the deal, which closed in December.

The acquisition represented ViaWest’s sixth purchase in 2018 and its second downtown Phoenix acquisition. ViaWest Group Founding Partner Steven Schwarz called his firm “believers in the transformation of downtown and how this property will fit into it.” He cited the asset’s four vacant full floors, abundant parking and prominent downtown location as its main selling points.

CBRE Capital Markets Institutional Properties Executive Vice President Barry Gabel and Vice President Chris Marchildon represented Phoenix Newspapers in the transaction.

The property is near the Sheraton Grand Phoenix Hotel, Phoenix Convention Center and large mixed-use office and retail development Arizona Center. The building is within a block of Arizona State University’s downtown Phoenix campus, home to more than 17,000 students and five colleges.