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2 N Central Ave, Phoenix, AZ 40 N Central Ave, Phoenix, AZ
Renaissance Square I & II
Asset ClassOffice
Premier Trophy Investment Opportunity Available at a Compelling Basis
overview of deal

Overview

 

 

Newmark, as exclusive advisor, is pleased to present the opportunity to acquire Renaissance Square (the “Property”), an iconic two-tower, Class A office campus totaling ±991,313 square feet in the heart of Downtown Phoenix. The Property is widely recognized as the crown jewel of the Downtown Phoenix office market, offering an irreplaceable CBD location, institutional scale, and a highly amenitized environment that continues to stand apart within the urban core.

 

Currently 72% leased with 5.3 years of weighted average lease term remaining, Renaissance Square offers investors a durable in-place income stream from a diversified roster of creditworthy tenants, while also providing meaningful upside through lease-up of available space and the ability to mark in-place rents to market.

 

The Property has benefited from more than $50 million of recent capital improvements, including two fully renovated, hotel-driven arrival experiences, a tenant lounge and game room, upgraded outdoor courtyard areas, state-of-the-art conference facilities, a fully upgraded fitness center, and destination food-and-beverage amenities including Wren & Wolf, Trophy Room, and Carry-On. In addition, ownership has made a significant capital investment in the property’s critical infrastructure, including fully modernized elevators, the roof, HVAC, fire/life-safety systems, and other major building components—enhancing long-term operational reliability and reducing future capital exposure. These recent investments materially strengthen tenant retention, new leasing appeal, and the competitive position of the asset within Downtown Phoenix.

 

Renaissance Square also benefits from favorable GPLET tax treatment through June 30, 2032, a secured three-level subterranean parking garage with a competitive parking ratio of approximately 2.43 per 1,000 square feet, direct access to two METRO light rail stations, and a 95 Walk Score that places tenants within immediate reach of Downtown Phoenix’s leading restaurants, hotels, entertainment, and civic amenities. Offered at a fraction of replacement cost, the Property presents a rare opportunity to acquire a landmark office asset with both current cash flow and future upside in one of the Southwest’s most dynamic urban markets.

Investment Highlights

THE CROWN JEWEL OF DOWNTOWN

  • Part of an elite Class A subset that commands a significant premium over the broader Downtown Phoenix Class A market- an advantage reinforced by the existing tenants’ renewals and expansions and new tenants’ sustained flight to quality.
  • Located in the heart of Downtown Phoenix, directly at Central and Washington- steps from the Convention Center, sports and entertainment venues, major hotels, government institutions, and METRO Light Rail.
  • Trophy construction, institutionally owned and maintained since delivery, ensuring best-in-class quality and minimal near-term capital for a new owner.
  • Efficient 20K SF floor plates combine architectural distinction with superior functionality.
  • Over $50 Million spent on recently completed renovations and amenity upgrades!
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2 N Central AvePhoenix, AZ 85004

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