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New York Life Real Estate Investors buys Phoenix office building for $100M

New York Life Real Estate Investors bought the eight-story, class-A 24th at Camelback office tower in Phoenix for $100 million from a fund managed by Hines affiliate Hines Interests LP, the Phoenix Business Journal reported.

It is the largest office sale in Phoenix so far in 2018, in terms of both dollar figure and price per square foot, according to the June 14 report.

Greenberg Traurig, AAA, RSM, Cisco Systems, USI, Regus and Scramble are among the tenants at the 302,209-square-foot, 94%-leased property across 24th Street from the Biltmore Fashion Park.

Hines, which developed the property in 2000, is expected to remain as its manager, the report added, citing a release from CBRE, which advised Hines on the deal.