The Opportunity

MCC and JP Morgan Asset Management acquired Central Arts Plaza in June 2006.  The project consists of a 24-story, Class A, landmark office tower comprising 488,000 square feet and situated on a 4.1-acre site originally master-planned for a 1 million square foot office campus.  Central Arts Plaza was developed in 1991 as the world headquarters for the Dial Corporation and is considered to be one of the premier office projects in Arizona.

Central Arts Plaza includes a state-of-the-art 150-seat auditorium-style conference center, a 10,000 square foot, professionally-staffed fitness center and a performing arts center.

Central Arts Plaza is located in the North Central Corridor submarket of Phoenix, Arizona.

Performance Highlights

  • In November 2006, MCC and JPMAM completed a refinancing of the existing debt that encumbered Central Arts Plaza when it was acquired in June 2006.
  • Re-measured property per BOMA ’96 standards, adding approx 10,000 rentable square feet.
  • In April 2007, MCC and JPMAM acquired the 1.87-acre Central Arts Plaza Lot 3 parcel, presently entitled to build a 450,000 square foot office tower adjacent to the existing Central Arts Plaza.

Current Status

  • Property was sold in January 2018.