EverWest, CenterSquare Sell Phoenix Office Campus

With the sale of The Madison, a 177,312-square-foot Class A property, EverWest’s transaction and renovation push in the metro over the past 24 months reached $165 million.
The Madison

In a joint venture with CenterSquare Investment Management, EverWest Real Estate Investors has sold The Madison, a Class A office campus in Phoenix’s Camelback Corridor. This sale represents a $165 million, 24-month transaction and renovation push within metro Phoenix for EverWest. 

Located at 5343 and 5353 N. 16th St., The Madison comprises 177,312 square feet across two, four-story buildings. Since purchasing the office park in 2014 for nearly $22 million, the property underwent an extensive capital improvements program under EverWest’s ownership. This included renovations to the lobbies, conference facilities, landscaping, restrooms, monument signage and adding an on-site deli with quick-serve lunch and dinner. Between the two buildings, occupancy has reached 90 percent, housing tenants such as BBMC Mortgage, Orsett Properties, SVN, Zell Commercial Real Estate and more. 

NKF Capital Markets’ Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors CJ Osbrink, Ken White and Brunson Howard, as well as Managing Director Rick Stumm, represented the joint venture in the sale.

“The renovations completed at The Madison position the asset as a very modern and competitive Class A office option. The combination is a very attractive one for the many tenants and investors who are seeking entry into one of metro Phoenix’s most popular commercial corridors,” Amr Ceran, senior director at EverWest, told Commercial Property Executive.

Earlier this month, a joint venture between EverWest and Partners Group acquired the $109.7 million Burlingame Bay Office Park, a Class A office campus in Burlingame, Calif. The property was purchased from H&Q Asia Pacific.

Image courtesy of EverWest Real Estate Investors