Old Town office building sold for $26.05 million

Phoenix-based developer George Oliver and joint venture partner Ascentris have purchased 4141 N. Scottsdale Rd, in the heart of Old Town for $26.05 million (Courtesy JLL)

Old Town office building sold for $26.05 million

Phoenix-based developer George Oliver joint venture partner Ascentris have purchased a 162,227-square-foot office building in the heart of Old Town Scottsdale for $26.05 million acquisition of.

The building is located at 4141 N. Scottsdale Rd., occupying just over 3 acres at the highly visible northeast corner of Scottsdale and Indian School roads. The building includes three stories of office space and two levels of subterranean parking, according to a press release.

“We continue to see strong tenant demand for thoughtfully designed office space in amenity-rich locations,” said George Oliver founder and Managing Partner Curt Kremer said in the release. “The location of 4141 at the center of Old Town Scottsdale delivers us arguably the best canvas for our next office reposition. We are excited about this new partnership with the Ascentris team and are well underway on the design for this great opportunity.”

The acquisition of 4141 expands Ascentris’ expansive office and residential portfolio in the Phoenix market.

“Ascentris focuses on partnering with best-in-class operators to develop and own high quality real estate in premier locations within growth markets. We believe George Oliver’s design, redevelopment and operational expertise, combined with 4141’s location at the epicenter of Old Town Scottsdale, is a recipe for success and that, once complete, 4141 will be one of the preeminent office properties in all of Phoenix,” Ascentris Senior Vice President Jeff Higgins said in the release.

JLL’s Senior Managing Director Ben Geelan and Senior Director Will Mast represented the building seller. The design and architecture for the 4141 building is being led by George Oliver Design, with concepts underway now and renovations anticipated to begin in 2025.