In Phoenix’s Midtown submarket, Bank of America has sold an iconic 25-story office tower known as 20 East Thomas Road. The building spans over 548,938 square feet and is the third largest office building in both Arizona and the Phoenix market. U-Haul International purchased the property for $23.7 million, which also included an additional parking lot on a 1.09-acre parcel at 49 E Thomas.
Cushman & Wakefield’s Eric Wichterman, Chris Toci, and Mike Coover represented Bank of America in the sale after they foreclosed on LBA Realty during Summer of 2024. LBA Realty had originally paid $76 million for the property back in 2006.
U-Haul plans to use most of the building for their own operations as they continue to serve millions of do-it-yourself households each year with their moving services. They will also be consolidating team members from other nearby buildings that they currently own into this new space at20 E Thomas Road.They have agreed to lease approximately16%ofthebuildingtoexistingtenantsaswell.
The recent news reports that U-Haul International has acquired a prominent landmark in Phoenix – a towering office complex called “20 East Thomas Road”. This impressive structure stands tall at twenty-five stories high and boasts a total area spanning over half-a-million square feet within Midtown submarket.
The transaction was completed when Bank Of America sold off this prime piece real estate asset worth $23 .7million dollars.The purchase price included not just one but two properties -the main tower itself along with its adjacent land parcel measuring about one acre (located specifically at number forty-nine).
This deal was brokered by Cushman & Wakefield’s esteemed trio comprising Eric Wichterman ,Chris Toci,and Mike Coover who represented BofA post-foreclosure proceedings initiated against previous owner,LBA Realty.Later, BofA had taken over this property from LBA Realty in the summer of 2024 for an undisclosed amount (but it is believed to be a substantial sum as LBA Realty had paid $76 million dollars to acquire this asset back in 2006).
U-Haul International has ambitious plans for the future and intends to use most of its newly acquired space at “20 East Thomas Road”to expand their real estate footprint. This move will help them cater better services to millions of customers who avail their DIY household moving solutions annually. Additionally, U-Haul also aims at consolidating its workforce scattered across various nearby buildings that they currently own.
As part of this deal,U-Haul has agreed upon leasing out approximately sixteen percent area within “20 East Thomas Road”to existing tenants occupying other parts within the building.This strategic decision by U- Haul not only helps them retain some loyal clients but also ensures optimal utilization and maintenance costs are kept under check.
