Newmark Facilitates Sale of Talavi Corporate Center in Glendale, Arizona

January 10, 2024 12:00 PM

Newmark announces it has arranged the sale of Talavi Corporate Center, a prominent three-story office and medical office property situated at 5651 West Talavi Boulevard in Glendale, Arizona. Encompassing approximately 153,332 square feet on a ±11.4-acre site, the Class A building was 74% leased at the time of sale to five tenants, offering corporate office, back office and medical office functions. The asset sold to Woodside, a Texas-based investment firm, for $9.325 million in an all-cash purchase.

Newmark Executive Managing Directors Barry Gabel, Chris Marchildon and CJ Osbrink represented the seller, Regent Properties. The transaction marks Woodside’s first acquisition in the Arizona market, which intends to upgrade specific suites to speculative condition and enhance other areas to attract new tenants and bring the property to greater stabilization.

“We are grateful for the opportunity to have worked closely with both buyer and seller towards this successful outcome. Talavi Corporate Center represents a unique investment opportunity in the dynamic northwest Phoenix market. With its strategic in-fill Arrowhead submarket location and value-add potential, we are excited to see the buyer’s plans come to fruition and are confident in the property’s continued success,” said Marchildon.

Gabel added, “This transaction underscores Newmark’s commitment to delivering exceptional value to our clients. We are thrilled to have played a key role in the sale of Talavi Corporate Center.”

Developed in 2002, Talavi Corporate Center holds a central position in the heart of the Arrowhead District Core in northwest Metropolitan Phoenix, strategically located at the convergence of the Arrowhead and Deer Valley office submarkets. The area is characterized by a dynamic and affluent demographic and presents immediate access to an extensive amenity base through Bell Road, one of Metro Phoenix’s primary arterial roadways, and the Loop 101 freeway just a short five-minute drive to the north and west.

This dense suburban corridor is home to major corporate and medical employers, benefiting from proximity to two major hospitals. The property is well-positioned to capitalize on the significant economic impact of the $40 billion Taiwan Semiconductor Manufacturing Company campus and the numerous suppliers in the northwest Phoenix market currently seeking office space.

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 year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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