The Summit
Rare Infill Phoenix Office Campus with Multiple Execution Paths
Marketing description
Newmark, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in The Summit (the “Property”), a ±290,904 square foot, two-building office campus situated on approximately ±14.8 acres along the highly desirable Piestewa Peak Corridor in Phoenix, adjacent to the Camelback Corridor. Comprised of 7720 N 16th Street (±163,393 SF) and 7740 N 16th Street (±127,511 SF), the Property offers institutional quality construction, large efficient floor plates, two, two-level parking structures, and immediate access to one of the Valley’s most connected freeway corridors via a full diamond interchange at Northern Avenue and SR-51, less than one mile to the north of the Property. Currently 31% leased with ±5.0 years of weighted average lease term, The Summit presents a compelling value-add opportunity supported by existing in-place rents that are 14% below market, providing clear mark-to-market upside.
In addition, the Property’s nearly ±14.8-acre infill land position, with a parcel split currently submitted to the City of Phoenix creating two independently titled parcels, anticipated to significantly reduce property taxes, moreover, creating significant optionality, allowing investors to pursue a traditional office lease-up, partial campus monetization, or future redevelopment strategy in one of Phoenix’s most supply-constrained and evolving submarkets.
Investment highlights
INSTITUTIONAL-QUALITY OFFICE CAMPUS WITH SIGNIFICANT VALUE-ADD OPPORTUNITY
The Summit is a ±290,904 square foot, two-building office campus situated on ±14.8 acres in the highly desirable Piestewa Peak Corridor of Phoenix. The property currently presents a compelling value-add opportunity with only 31% occupancy and approximately 5.0 years of weighted average lease term remaining.
EXISTING CREDITWORTHY TENANCY WITH MEANINGFUL TENANT INVESTMENT
The property is anchored by high-quality, creditworthy tenants, including Bonneville International, which utilizes the property as its Phoenix hub for radio broadcasting operations and has made significant tenant investments in the facility. The property has historically attracted and retained institutional-quality tenancy due to its location, accessibility, and campus environment.
LARGE, EFFICIENT FLOOR PLATES WITH INSTITUTIONAL INFRASTRUCTURE
The property features large ±40,000 square foot floor plates, enabling efficient tenant layouts and multi-tenant flexibility, supported by state-of-the-art communications infrastructure and energy-efficient management systems
AMPLE PARKING AND CAMPUS ENVIRONMENT
The Summit benefits from a strong ±5.0 per 1,000 SF parking ratio, including both surface parking and two on-site parking structures. This combination enhances leasing competitiveness and supports a campus-style tenant experience.
SIGNIFICANT RENTAL UPSIDE SUPPORTED BY SUBMARKET FUNDAMENTALS
Current in-place rents at The Summit average approximately $30.93 PSF, FSG, representing a meaningful discount to both the immediate competitive set and the broader Camelback
Corridor submarket. Comparable Class A office product in the surrounding area are now commanding rents in the $60–$70+ PSF range! This unique rental dynamic positions The Summit as a highly attractive value alternative for tenants, while providing investors a clear pathway to drive rental rate growth through strategic repositioning and lease-up.
RARE INFILL LAND COMPONENT SUPPORTING FUTURE DEVELOPMENT
Situated on nearly 15 acres, the property provides a large infill land position for central Phoenix, offering long-term redevelopment potential while maintaining immediate income through the current office tenancy.
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
