Newmark Completes Sale of Class A 19-Story Office Tower in Downtown Phoenix

June 24, 2025 3:00 PM

Newmark announces the company has arranged the sale of 111 West Monroe, a 256,682-square-foot, 19-story Class A office tower located in the heart of Downtown Phoenix, Arizona. The property was acquired by Kellwood Company, a leading apparel business with significant operations in Los Angeles and New York, which plans to relocate its headquarters to Phoenix and will occupy a significant amount of space within the building.

Newmark Executive Managing Directors CJ Osbrink, Barry Gabel and Chris Marchildon facilitated the sale on behalf of the seller, an affiliate of Granite Point Mortgage Trust, which took the property back from prior ownership via deed-in-lieu of foreclosure in mid-2023.

“111 West Monroe presents a rare opportunity to acquire a high-quality asset with multiple value-add strategies in one of the most sought after metro areas in the country,” said Osbrink. “Given the recent uptick in demand from owner-user buyers across the Phoenix market, this property stands out for its recent capital improvements, efficient floorplates and proximity to Arizona State University (“ASU”) and other amenities. These features position the property for long-term success as a premier headquarters for an owner-user while also appealing to a diverse range of future tenants.”

Originally constructed in 1964 and extensively renovated in 2019, 111 West Monroe presents new ownership the opportunity to capitalize on its prime location, modern amenities and flexible Downtown Core (DC) zoning, which supports office, residential or mixed-use development.

“The acquisition of 111 West Monroe marks the beginning of an exciting new chapter for Kellwood, and we look forward to moving our headquarters to Downtown Phoenix in the coming months,” said David Falwell, Kellwood’s Chief Executive Officer. “We believe that our presence can serve as a magnet for other companies in the creative arts, including those considering relocating to Arizona from out of state. We are committed to ensuring that this remains a premier location for innovative businesses in the years to come.”

111 West Monroe features three levels of subterranean parking and onsite amenities including a fitness center, a tenant lounge, a conference center and ground-floor retail. Enhancing its appeal, the building is situated in a transit-oriented location, within walking distance of the Van Buren/1st Avenue Metro Valley Light Rail station and a five-minute walk to ASU’s Downtown Campus.

Value-add opportunities like 111 West Monroe continue to attract investors seeking assets with repositioning potential in markets with strong fundamentals, according to Newmark Research. Phoenix’s significant population growth in recent years and $8.3 billion in downtown investment since 2005 further bolster the submarket’s long-term outlook. This is particularly true for assets with multifamily conversion potential, due to a 13% forecast rent growth in the downtown apartment market over the next five years.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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