ViaWest Group – based in Phoenix – has sold the famous Biltmore Center for $212 million. This was the largest deal to close in 2019, and the fourth largest in market history. ViaWest sold the iconic property to an unnamed entity that was formed for the purchase.
Biltmore Center features three office buildings totaling 643,145 square feet on the NW corner of 24th St. and Camelback Rd. in Phoenix. This property was most recently purchased in 2015 by ViaWest for $163.1 million. Investors are going after recently renovated properties with lower capital investment requirements. There’s a huge demand for top of the line office assets with immediate access to walkable amenities in Phoenix. The Biltmore Center checks these boxes.
This move indicates continued growth for Phoenix and unquenched investor appetite in the market. Rapid population and employment growth in the city is a huge factor in driving our market forward. The Biltmore Center is in a prime location to reap the benefits of the area’s continued growth.