Pivot 200 EVC has picked up a 10-story office building in Downtown Phoenix that houses the Arizona Republic and KPNX-TV 12News for $14.5 million.
The locally based investor tied to Eric Stenson, CEO of Phoenix-based financial advisory and accounting firm Stenson Tamaddon, bought the tower at 200 East Van Buren Street, the Phoenix Business Journal reported. The seller was Phoenix-based ViaWest Group.
The deal for the 240,100-square-foot building works out to $60 per square foot.
ViaWest bought the building and its parking garage from Gannett, the Virginia-based owner of the Arizona Republic, in 2018 for $37.65 million. ViaWest sold the parking garage this year to an undisclosed buyer for $25.5 million
The 28-year-old office building, known as 200 EVB, will serve as the future headquarters for Stenson Tamaddon.
StenTam plans to move its 200 employees out of three floors at 111 West Monroe Street in Downtown Phoenix and into 40,000 square feet at the 200 EVB building by the second quarter of next year, according to the Business Journal.
Its purchase of 200 EVB was an off-market sale.
Stenson said his firm was able to find two lenders willing to finance the deal, out of hundreds of applications.
“It’s an incredibly challenging market right now to get Downtown center-business-district properties financed,” he told the newspaper.
Utah-based Mountain America Federal Credit Union was the lender, and will serve as Stenson Tammadon’s everyday banker, Stenson said. Stenson made a $6.52 million down payment with $7.975 million in new debt through Mountain America, according to Vizzda.
He bought the building with partners Ryan Louis, Brian Raboin and Mark Briden.
The office building will be StenTam’s first commercial property and will be managed in-house. The 200 EVB office building is now 64 percent leased.
— Dana Bartholomew
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