2800 Tower
20-story Class A Office Building in Midtown Phoenix, AZ
Marketing description
Presenting 2800 Tower: a Class A, ±370,736-square-foot, 20-story office building located in the heart of Phoenix’s Midtown submarket.
Positioned along one of the city’s most prominent commercial corridors, the property benefits from exceptional connectivity, abundant walkable amenities, and strong long-term market fundamentals. Surrounded by expanding transit infrastructure, ongoing residential development, and a vibrant mix of business, education, and cultural institutions, 2800 Tower is well positioned to capture continued urban investment and rising tenant demand.
Situated on a ±2.57-acre site, the Property includes a dedicated eight-level structured parking garage and is currently 60% leased. The tenant roster features two federal agencies and 10 prominent law firms, alongside a diverse mix of technology and professional services companies, providing both strong in-place income and a clear path to value creation through lease-up.
This institutional-quality asset offers a rare opportunity to acquire a premier Midtown office tower at pricing significantly below replacement cost, presenting investors with compelling long-term upside and the potential for meaningful value creation.
Investment highlights
Modernized Asset With Value‑Add Potential – Currently 60% leased to a diverse mix of professional services, federal agencies, technology, and design & construction tenants, with stable in‑place income and clear upside through targeted lease‑up of flexible ±15,000–±20,000 SF floorplates and ±23,323 SF of move‑in‑ready spec suites.
Long‑Term Federal Tenancy – The Military Entrance Processing Station (MEPS) has occupied the building since 2012, serving all branches of the military, while HUD relocated to newly improved space in 2023 and executed a 10‑year lease.
Compelling Basis With Rent Growth Upside – Midtown rents continue to climb, and 2800 Tower offers institutional‑quality construction at a substantial discount to replacement cost, positioning the asset for near‑term rent growth and long‑term value appreciation.
Supply‑Constrained Submarket Driving Tenant Migration – With no new office deliveries in over seven years, Midtown Phoenix attracts tenants seeking high‑quality Class A space at a meaningful discount to Downtown, Camelback Corridor, Piestewa Peak, and Tempe.
Expanding Center for Innovation and Healthcare – Anchored by St. Joseph’s Hospital, Phoenix Children’s Hospital, and the Phoenix Bioscience Core, the area has attracted over $4 billion in investment since 2019, driving sustained employment and economic activity.
Unrivaled Midtown Connectivity – Located just north of Downtown Phoenix, three minutes from Valley Metro Light Rail, within five minutes of I‑10, I‑17, and SR‑51, and 15 minutes from Sky Harbor International Airport, with planned transit expansion further enhancing access.
Rapid Residential and Mixed‑Use Growth – More than 11,700 multifamily units delivered or under construction since 2020, along with Park Central Mall, Creighton University School of Medicine, and X Phoenix Phase 2, reinforce Midtown’s dynamic mixed‑use environment.
Accelerated Depreciation Through Capital Upgrades – Recent improvements may qualify for 100% bonus depreciation on components such as QIP, lighting, paving, and mechanical systems, enhancing early‑year after‑tax returns.
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