By Kristena Hansen | Phoenix Business Journal
Here’s an interesting deal that recently went down but flew under the radar: The U.S. Airways headquarters building in Tempe was sold to new majority ownership for $41.8 million.
New York-based real estate investment trust W.P. Carey Inc. (NYSE: WPC) handed over its 75 percent interest in the nine-story building to Charlotte, N.C.-based Parkway Properties Inc. (NYSE: PKY), also a REIT, on May 31. The remaining 25 percent ownership was maintained by US Airways, which is the sole tenant.
Details of the deal were outlined in Parkway’s prospectus filing with the U.S. Securities and Exchange Commission on March 19. W.P. Carey officials confirmed with me Monday that the deal had closed but declined further comment.
At 225,000 square feet, the transaction breaks down to roughly $185 per square foot — a significant price-tag when considering the fact that the Valley posted an average office sales price of about $59 per square foot during the first quarter.
