AXS Opportunity Fund has acquired One North Central, a 20-story Class A office tower in the heart of Downtown Phoenix. The property, located at 1 North Central Avenue, totals 429,120 square feet and sits within the city’s central business district. Newmark’s Chris Marchildon, Barry Gabel and CJ Osbrink represented the seller, Parallel Capital Partners, in the transaction. Parallel Capital Partners previously purchased the tower in 2015 for $93 million.
Completed in 2001, One North Central is a modern high-rise office building with direct access to the Valley Metro light rail system, providing connectivity to the broader Phoenix area. The tower is surrounded by downtown entertainment venues, government offices and educational institutions, positioning the property within a dense employment and amenity hub. The asset’s location and transit access underscore its role as a core office destination within the Downtown Phoenix market.
The building’s on-site features include a recently completed amenity center designed to support tenant engagement and workplace experience. Structured and subterranean parking serves the office users and visitors, while ground-floor retail space brings additional services and activity to the property. These elements collectively contribute to the tower’s positioning as a full-service office environment within the downtown corridor.
Following the acquisition, AXS Opportunity Fund has retained Newmark to handle leasing at One North Central. Newmark professionals Brett Abramson, Chris Latvaaho and Chris Beall have been engaged as leasing advisors for the property, underscoring the buyer’s focus on professional asset leasing and tenant outreach. Their role will be to market the tower’s office and ground-floor retail offerings to prospective occupants.
Commenting on the broader investment landscape, Newmark’s Chris Marchildon noted that as capital continues to return to the office sector, assets with strong fundamentals and irreplaceable downtown locations are drawing increased interest from buyers. The One North Central trade reflects this theme, pairing a Class A, transit-served office tower with a core downtown address and updated amenities. The transaction signals that investors remain active in select urban office markets where location, scale and asset quality align.
