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Phoenix claims 8th largest office deal in the U.S. for 2022 at $504M

February 14, 2023

When it comes to the office industry, 2022 was another entry in a series of transformative years. With work time still shared between home and the office (for most companies), the office building continued to take on the role of an amenity-rich, collaboration-enhancing hub. Despite the change in works habits, Phoenix claimed the eighth largest office deal in the U.S. for 2022.

In this context, we wanted to find the largest transactions of office properties last year, as well as the markets that the respective properties hailed from. To that end, to find the largest office deal in the U.S., we ranked the most expensive transactions of office buildings larger than 25,000 square feet based on data compiled by CommercialEdge.

 

Key Takeaways for Metro Phoenix:

  • The $504 million sale of the Esplanade (Portfolio) properties from Phoenix ranked 8th among the nation’s top 50 office deals of 2022 by sale price.
  • This deal closed in the first quarter of last year, transferring ownership of the 906,459-square-foot buildings from LBA Realty to Monarch Alternative Capital/Tourmaline Capital Partners.
  • At a regional level, there were a total of 15 deals from the Western region that made the list, the highest of which being the Madison Centre in Seattle which sold for a total sales price of $730 million.

Key Takeaways Nationally:

  • The 10 largest transactions featured only one NYC sale and were spread across nine different markets.
  • Midtown Manhattan’s 245 Park Ave. was bought by SL Green for $1.77 billion, marking 2022’s largest office transaction.
  • At 1.7 million square feet, 245 Park Ave. was also the largest office property by space to change hands last year.
  • In Cambridge, Mass., 100 Binney St. sold for $1 billion, making it the second-largest sale in 2022.
  • The podium was rounded out by the purchase of the Madison Centre in Seattle for $730 million.
  • NYC’s transactions among the 50 biggest added up to $3.8 billion, followed by Boston’s $1.8 billion and New Jersey with $1.6 billion.

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