Montana Avenue Capital Partners of Santa Monica, CA, has acquired the Heard Building at 112 North Central Ave in Phoenix from One Twelve North Central LLC for $5M. The structure is one of the few national historic office buildings available for lease in Arizona, "creating strong demand from leading-edge design and tech tenants looking for an authentic space in Downtown Phoenix,” said Cushman & Wakefield VP Scott Baumgarten who, along with colleague Mark Stratz, facilitated the deal.
The 65k SF Heard Building is an eight-story office building completed in 1920, when it was the tallest building in Arizona. It's probably best known for appearing in the 1960 Hitchcock thriller Psycho. Montana Avenue Capital plans to renovate the building to creative office standards, including all new glazing, upgraded common areas, open tenant spaces, and a local art program for both the interior and exterior.
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