Article originally posted on Phoenix Business Journal on Oct 2 2026

A 20-story downtown Phoenix office tower traded hands on Oct. 2.

One North Central, which totals 429,120 square feet and sits at the southeast corner of Central Avenue and Adams Street, sold to California-based AXS Opportunity fund in an all-cash deal. The deal marks the buyer’s first office property investment in Arizona, according to Newmark.

Newmark’s Chris Marchildon, CJ Osbrink and Barry Gabel represented the seller in the transaction.

While Newmark declined to identify the seller, Maricopa County records show that PFP 5 SUB ONC LLC assigned its rights to the building AXS-controlled One North Central LLC on Oct. 1. PFP is a subsidiary of San Diego-based Parallel Capital Partners Inc., which acquired the building for $93.75 million from Mitsubishi Estate Group in June 2015.

One North Central is about 60% occupied and counts the Bureau of Land Management⁠ and Rocket Mortgage as primary tenants, according to a property listing for the building. Those leases end in 2030 and 2031, respectively. The building was also formerly home to the Phoenix Business Journal’s office.

It’s the fourth metro Phoenix office property larger than 400,000 square feet to sell this year, according to Newmark, which brokered three of those transactions.

This latest deal “reflects growing investor conviction” in the downtown Phoenix office market, Newmark stated, adding that the brokerage has about $300 million in additional office assets currently expected to close by the end of this year. Some key market dynamics include “limited new supply, strong tenant demand and Phoenix’s ability to offer an urban, transit-connected environment at a fraction of the cost of West Coast gateway markets,” according to the firm.

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