November 22, 2024 12:47 am
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Scottsdale’s vacant Kierland One office building sold for $29.3 million

Kierland One in Scottsdale was sold for more than $29 million.
Kierland One in Scottsdale was sold for more than $29 million.

By Kristena Hansen | Phoenix Business Journal

Kierland One — a 175,441-square-foot lender-owned office building in north Scottsdale that has been empty for the past 2.5 years — was recently sold to a joint-venture partnership between Hines and Pacific Coast Capital Partners LLC for $29.3 million, according to recent statements from Hines and the Phoenix office of CBRE.

The sales price equated to $167 per square foot, which according to LoopNet, is more than double the Valleywide average of $71.32 per square foot as of June.

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