A six-story office tower on North 44th Street known for its koi pond and copper dome has changed hands for $32 million, landing one of the more distinctive buildings in east Phoenix's commercial corridor under new ownership. Concord Place, at 2999 N. 44th Street, was sold to Mustang Stampede Two LLC.
The sale was reported by Your Valley, which identified Cushman & Wakefield as the firm that sold the property to Mustang Stampede Two LLC for the $32 million price tag. The outlet described Concord Place as a six-story building with an all-stone facade, expansive patios and balconies, and a patinated copper dome — along with a 12,800-square-foot koi pond tucked beneath the balconies. Your Valley also put the building's size at 135,841 square feet.
A separate listing for the property from Cushman & Wakefield offers a slightly different description of the exterior, calling it a mid-rise suburban office building with classic Renaissance architecture and an exterior of simulated stone and bronze rather than all stone. The listing also highlights the building's first-floor lobby, which features cherry wood paneling and a winding staircase leading up to the second floor.
A Building With a Past
A Building With a Past This isn't the first time Concord Place has sold for a notable sum. Property data firm CoStar reported that back in April 2005, Metzger Concord Place LLC, c/o Hannay Investment Properties, bought the building for $17 million — about $128 per square foot at an 8% cap rate.
The sale comes amid a broader office market in Phoenix that's showing mixed signals depending on who's measuring it. Vacancy estimates for the third quarter of 2026 diverge sharply between data providers: Cushman & Wakefield put the citywide office vacancy rate at 25.1%, flat from the prior quarter, while Kidder Mathews reported a lower figure of 23.7%, down 10 basis points from a year earlier.
East Phoenix Office Activity Mixed With Metro Gains
Despite the vacancy discrepancy, leasing in Concord Place's own stretch of the city has been brisk. The North Airport-44th Street Corridor posted 140,650 square feet of leasing activity in the third quarter, an eight-year high according to Cushman & Wakefield's MarketBeat Phoenix Office report. That report also found that Phoenix office net absorption reached 100,295 square feet for the quarter, pushing the trailing 12-month total to a post-pandemic high of 1.7 million square feet, and that the metro's average full-service gross asking rent climbed to an all-time high of $30.68 per square foot.
Not every corner of the city shared in those gains. Kidder Mathews reported that East Phoenix specifically recorded negative net absorption of 64,578 square feet in the third quarter, the weakest showing of any Phoenix submarket, even as the firm's broader report showed Phoenix office sales volume reaching 469,574 square feet for the quarter and 3,176,575 square feet year to date — a 14.9% increase over 2025. Kidder Mathews' asking-rent figures also ran higher than Cushman & Wakefield's, with Arizona Commercial Real Estate reporting the firm's average at $31.66 per square foot, up 2% year over year, according to a report from Arizona Commercial Real Estate.
A Thinning Supply of New Office Space
That same Arizona Commercial Real Estate report points to a supply squeeze that could be shaping how buyers value existing buildings like Concord Place. Only 40,000 square feet of office space remained under construction across the entire Valley as of the third quarter, the outlet reported, citing CBRE data. Meanwhile, Class A office space absorbed 341,135 square feet in the second quarter of 2026, its strongest quarter since early 2022 — and about 3.3 million square feet of Phoenix-area office space has been demolished or converted since 2024, with another 4.1 million square feet proposed for removal or conversion.
That shrinking footprint is partly driven by conversions elsewhere in the city. Phoenix approved plans in August 2026 for a proposed $135 million redevelopment of the Security and Annex buildings into a 255-room hotel, according to a report from The Times of India. The same outlet reported that the century-old Ellis Building, a six-story downtown Phoenix office tower dating to 1922, sold for $10.3 million, with its new owner planning a Marriott hotel of around 100 rooms.
How Concord Place Compares to Other Big Deals
How Concord Place Compares to Other Big Deals Concord Place's $32 million price tag is modest next to the city's largest office sale of the quarter. Kidder Mathews reported that Camelback Esplanade III, in the Camelback Corridor, sold for $86 million — or $387.67 per square foot — making it Phoenix's biggest single-building office deal of the third quarter.
