A New Office Project Is Up for Grabs; CityScape Ramping up Activity

By Alex Girda, Associate Editor

An 18-story building looks to be the focus of Phoenix’s next major purchase as Colliers International reportedly obtained San Francisco-based GE Capital Real Estate’s new listing. The One11 Tower, situated at the southwest corner of First Avenue and Monroe Street, boasts a winning bid of $29.5 million.

According to the Colliers International agents in charge of the One11 Tower listing, the property’s advantages include the fact that it’s the only office building for sale in the downtown area as well as providing the largest amount of space available to a single tenant. The Phoenix Business Journal also reports that the building comprises 255,556 square feet of office space. Current tenants include Mutual of Omaha. The financial institution has a branch on the tower’s first floor.

Also making headlines is the CityScape project, a venture that has been adding tenants after its recent completion. The mixed-use structure recently signed a series of stores with programming going throughout the holiday season, according to Jeff Moloznik, development manager for RED Development, in a statement to PBJ.

Problems seem to have surfaced with CityScape after issues with former operators of Oakville Grocery, but the project heads insist that upcoming ventures have the forefront. Furthermore Oakville Grocery has a rosy future as a result of a partnership made between owners of Fox Restaurant Concepts and Chloe’s Corner. CityScape is working to gain some serious footing in the local conscience by moving the starting point of the Phoenix 10k to the center of CityScape. Owner and developer RED has also slated a number of concerts to take place in the epicenter of the massive project.