Concord Place, a six-story office building in Phoenix, has changed hands in a $32 million transaction. The 135,841-square-foot property is located at 2999 N 44th Street and is widely recognized in the local office landscape for its distinctive patinated copper dome, which makes the building easily identifiable within the corridor.
Completed in 1989, Concord Place is positioned in the Arcadia and 44th Street corridor, a well-known office cluster within Phoenix. The building was intentionally designed to cater to smaller office tenants, with suites averaging approximately 3,000 square feet. This smaller-suite configuration is seeing strong demand, reflected in the property’s vacancy rate of 8.4%, which CoStar data indicates has been lower than the average for both the 44th Street Corridor and the broader Phoenix office market each year since 2017.
The property’s architecture further differentiates it within the Phoenix office inventory. Concord Place features palatial Old World European design elements, beginning with a grand staircase lobby that establishes a formal entry experience. The building also includes flagstone-clad plazas that extend the common areas outdoors, as well as a 12,800-square-foot koi pond positioned below the balconies, adding a notable water feature to the project’s amenity base.
On the capital markets side, the sale involved multiple brokerage teams. Chris Toci and Eric Wichterman of Cushman & Wakefield’s Toci | Wichterman Team represented the seller, identified as Concord Place Investments, LLC. On the buy side, a Commercial Properties Inc. team led by Tyson Breinholt represented the purchaser, Mustang Stampede Two, LLC. The transaction underscores ongoing investor interest in stabilized, niche-focused office assets that maintain relatively low vacancy compared with their competitive sets.
While specific business plans for the new ownership were not disclosed, the combination of a recognizable architectural profile, smaller average suite sizes, and a sustained vacancy rate below submarket and citywide averages positions Concord Place as a notable stabilized office asset within the Arcadia and 44th Street corridor. The presence of established brokerage teams on both sides of the deal further highlights continued engagement in Phoenix’s office investment sales market, even for properties tailored primarily to smaller tenants.
