By Paul Thompson | Phoenix Business Journal
A $42.25 million Old Town Scottsdale building sale is ground zero for the next massive office redevelopment project from Phoenix-based developer George Oliver Cos.
The 165,220-square-foot building at 7272 E. Indian School Road was sold Dec. 17 to 7272 Indian School Owner LLC, an entity tied to Denver-based private equity firm Ascentris, according to Tempe-based real estate database Vizzda LLC. A joint venture between Ascentris and George Oliver has spent more than $76 million over the past few months to acquire six contiguous acres in Old Town Scottsdale.
7272 Indian School Owner bought the site from Scottsdale Financial Center Owner LLC, an entity connected to financial services firm Goldman Sachs that purchased the property for $40 million in August 2016, Maricopa County records show. The Goldman Sachs entity was represented in the sale by JLL’s Senior Managing Director Ben Geelan and Senior Director Will Mast. There was no representation for George Oliver.
While the development team isn’t ready to reveal specific plans for the site, George Oliver partner Charles Jerkovich confirmed it features about a 350,000-square-foot office footprint — larger even than the company’s biggest project to date: the Bond office redevelopment in the Biltmore area which is nearing completion.
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