The Summit — Sale in Phoenix, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Office
  • Location: Phoenix, AZ 85020
  • Size: 290,904 SF

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Description

Newmark, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in The Summit (the "Property"), a ±290,904 square foot, two-building office campus situated on approximately ±14.8 acres along the highly desirable Piestewa Peak Corridor in Phoenix, adjacent to the Camelback Corridor. Comprised of 7720 N 16th Street (±163,393 SF) and 7740 N 16th Street (±127,511 SF), the Property offers institutional quality construction, large efficient floor plates, two, two-level parking structures, and immediate access to one of the Valley's most connected freeway corridors via a full diamond interchange at Northern Avenue and SR-51, less than one mile to the north of the Property. Currently 31% leased with ±5.0 years of weighted average lease term. The Summit presents a compelling value-add opportunity supported by existing in-place rents that are 14% below market, providing clear mark-to-market upside. In addition, the Property's nearly ±14.8-acre infill land position, with a parcel split currently submitted to the City of Phoenix, creating two independently titled parcels, is anticipated to significantly reduce property taxes; moreover, creating significant optionality, allowing investors to pursue a traditional office lease-up, partial campus monetization, or future redevelopment strategy in one of Phoenix's most supply-constrained and evolving submarkets.

Market Context

This office in Phoenix, AZ is listed for sale across 290,904 SF. Compare it against other office listings for sale in Phoenix, AZ — view the full market.

As of Q2 2026, the Phoenix office market showed a 23.4% vacancy rate, average asking rents near $31.67/SF/yr, and rents up 2.2% year over year. Source: multiple brokerage reports, Q2 2026.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Office market FAQ

Is the Phoenix office market tightening or softening?
Vacancy is around 23.4%, with asking rents rising year over year (Q2 2026).

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