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Crescent Corporate Center 2400 W Dunlap Ave 108,451 SF 33% Leased Office Building Phoenix, AZ 85021 For Sale
Executive Summary
• Significant upside potential at ±33% leased.
• The vacancy was created by four (4) years of Metro Light Rail on two borders of the parcel (completed January 2024) and a City taking of portions of the parking field suppressed leasing, and that headwind is now permanently gone.
• Two paths to value: execute a spec-suite lease-up to a ±$1.0 million as-stabilized NOI at 90% occupancy, or raze and redevelop the industrial-zoned site.
• The business plan is straightforward: build move-in-ready spec suites for the trade area’s most active demand segment—small tenants—and add a conference center, training room, catering kitchen, vending lounge, and fitness center that no direct competitor offers.
• The competitive set is shrinking beneath the subject: ±808,686 SF of office within one (1) mile has been demolished or is slated for demolition in favor of multifamily and industrial redevelopment, including one of the subject’s eight direct competitors.
• The playbook is proven one (1) mile south: BC17 sold in June 2025 at ±$53/SF while ±25% occupied and has since signed four (4) leases totaling ±43,128 SF at $21.50–$28.25 PSF, driving occupancy toward ±65%.
• The trade area has already turned: the 11-building cohort’s vacancy has fallen from a 41.0% peak to 30.5%—with total availability at just ±28.1%—on +87,155 SF of positive net absorption YTD 2026.
• For developers, the ±6.32-acre site supports ±76,344 SF of multi-tenant small-bay industrial or an ±82,230 SF larger-format building, with in-place office income funding the pre-development period.
• Located in an Opportunity Zone one (1) mile from Metrocenter Mall’s $850 million ‘The Metropolitan’ redevelopment, with ±7.7 million SF of retail within three (3) miles and four (4) hospitals within a 10-minute drive.
• The I-17 “Silicon Desert” corridor—anchored by TSMC’s $165 billion campus and Amkor’s $7 billion Peoria packaging campus—continues to drive job, population, and industrial demand growth across the trade area.
Property Facts
Amenities
- 24 Hour Access
- Atrium
- Courtyard
- Property Manager on Site
- Accent Lighting
- Air Conditioning
- Smoke Detector
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
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- Health Care and Social Assistance
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- Information
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| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
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Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
First floor space off the main lobby includes two internal restrooms and a heavy office buildout with three training rooms. Great layout for an heavy private office user.
CLASS B PROMINENT OFFICE BUILDING • BUILDING SIZE OF 108,451 SF ON 3 FLOORS • PARKING 4.0/1:000 EXPANDABLE TO 5.0/1,000
• PROMINENT VISIBILITY ON DUNLAP AVENUE • 1 BLOCK FROM I-17 AND DUNLAP INTERCHANGE • 2.5 MILLION SQUARE FEET OF RETAIL AMENITIES WITHIN 1 MILE • LOCATED ON BUS LINE • ONE BLOCK FROM LIGHT RAIL STOP • CORPORARTE NEIGHBORS INCLUDE COGNIZANT, BLUE CROSS BLUE SHIELD AND DEVRY UNIVERSITY • PROXIMITY TO STRONG LABOR FORCE
CLASS B PROMINENT OFFICE BUILDING • BUILDING SIZE OF 108,451 SF ON 3 FLOORS • PARKING 4.0/1:000 EXPANDABLE TO 5.0/1,000
• PROMINENT VISIBILITY ON DUNLAP AVENUE • 1 BLOCK FROM I-17 AND DUNLAP INTERCHANGE • 2.5 MILLION SQUARE FEET OF RETAIL AMENITIES WITHIN 1 MILE • LOCATED ON BUS LINE • ONE BLOCK FROM LIGHT RAIL STOP • CORPORARTE NEIGHBORS INCLUDE COGNIZANT, BLUE CROSS BLUE SHIELD AND DEVRY UNIVERSITY • PROXIMITY TO STRONG LABOR FORCE
- 2nd Fl-Ste 225
- 4,253 SF
- Office
- Full Build-Out
- Now
• PROMINENT VISIBILITY ON DUNLAP AVENUE • 1 BLOCK FROM I-17 AND DUNLAP INTERCHANGE • 2.5 MILLION SQUARE FEET OF RETAIL AMENITIES WITHIN 1 MILE • LOCATED ON BUS LINE • ONE BLOCK FROM LIGHT RAIL STOP • CORPORARTE NEIGHBORS INCLUDE COGNIZANT, BLUE CROSS BLUE SHIELD AND DEVRY UNIVERSITY • PROXIMITY TO STRONG LABOR FORCE
CLASS B PROMINENT OFFICE BUILDING • BUILDING SIZE OF 108,451 SF ON 3 FLOORS • PARKING 4.0/1:000 EXPANDABLE TO 5.0/1,000 • BUILT 1987, COMMON AREA
• PROMINENT VISIBILITY ON DUNLAP AVENUE • 1 BLOCK FROM I-17 AND DUNLAP INTERCHANGE • 2.5 MILLION SQUARE FEET OF RETAIL AMENITIES WITHIN 1 MILE • LOCATED ON BUS LINE • ONE BLOCK FROM LIGHT RAIL STOP • CORPORARTE NEIGHBORS INCLUDE COGNIZANT, BLUE CROSS BLUE SHIELD AND DEVRY UNIVERSITY • PROXIMITY TO STRONG LABOR FORCE
• PROMINENT VISIBILITY ON DUNLAP AVENUE • 1 BLOCK FROM I-17 AND DUNLAP INTERCHANGE • 2.5 MILLION SQUARE FEET OF RETAIL AMENITIES WITHIN 1 MILE • LOCATED ON BUS LINE • ONE BLOCK FROM LIGHT RAIL STOP • CORPORARTE NEIGHBORS INCLUDE COGNIZANT, BLUE CROSS BLUE SHIELD AND DEVRY UNIVERSITY • PROXIMITY TO STRONG LABOR FORCE
| Space | Size | Space Use | Build-Out | Available |
| 1st Fl-Ste 120 | 5,334 SF | Office | Full Build-Out | 30 Days |
| 1st Fl-Ste 125 | 928 SF | Office | Full Build-Out | Now |
| 2nd Fl-Ste 202 | 2,580 SF | Office | Partial Build-Out | Now |
| 2nd Fl-Ste 210 | 1,405 SF | Office | Full Build-Out | Now |
| 2nd Fl-Ste 220 | 8,393 SF | Office | Full Build-Out | Now |
| 2nd Fl-Ste 225 | 4,253 SF | Office | Full Build-Out | Now |
| 2nd Fl-Ste 275 | 11,652 SF | Office | Full Build-Out | Now |
| 3rd Fl-Ste 300 | 5,136 SF | Office | Full Build-Out | Now |
| 3rd Fl-Ste 305 | 9,618 SF | Office | Partial Build-Out | Now |
| 3rd Fl-Ste 325/330 | 4,520 SF | Office | Shell Space | Now |
1st Fl-Ste 120
| Size |
| 5,334 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| 30 Days |
1st Fl-Ste 125
| Size |
| 928 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 202
| Size |
| 2,580 SF |
| Space Use |
| Office |
| Build-Out |
| Partial Build-Out |
| Available |
| Now |
2nd Fl-Ste 210
| Size |
| 1,405 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 220
| Size |
| 8,393 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 225
| Size |
| 4,253 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 275
| Size |
| 11,652 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
3rd Fl-Ste 300
| Size |
| 5,136 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
3rd Fl-Ste 305
| Size |
| 9,618 SF |
| Space Use |
| Office |
| Build-Out |
| Partial Build-Out |
| Available |
| Now |
3rd Fl-Ste 325/330
| Size |
| 4,520 SF |
| Space Use |
| Office |
| Build-Out |
| Shell Space |
| Available |
| Now |
1st Fl-Ste 120
| Size | 5,334 SF |
| Space Use | Office |
| Build-Out | Full Build-Out |
| Available | 30 Days |
First floor space off the main lobby includes two internal restrooms and a heavy office buildout with three training rooms. Great layout for an heavy private office user.
1st Fl-Ste 125
| Size | 928 SF |
| Space Use | Office |
| Build-Out | Full Build-Out |
| Available | Now |
CLASS B PROMINENT OFFICE BUILDING • BUILDING SIZE OF 108,451 SF ON 3 FLOORS • PARKING 4.0/1:000 EXPANDABLE TO 5.0/1,000
2nd Fl-Ste 202
| Size | 2,580 SF |
| Space Use | Office |
| Build-Out | Partial Build-Out |
| Available | Now |
• PROMINENT VISIBILITY ON DUNLAP AVENUE • 1 BLOCK FROM I-17 AND DUNLAP INTERCHANGE • 2.5 MILLION SQUARE FEET OF RETAIL AMENITIES WITHIN 1 MILE • LOCATED ON BUS LINE • ONE BLOCK FROM LIGHT RAIL STOP • CORPORARTE NEIGHBORS INCLUDE COGNIZANT, BLUE CROSS BLUE SHIELD AND DEVRY UNIVERSITY • PROXIMITY TO STRONG LABOR FORCE
2nd Fl-Ste 210
| Size | 1,405 SF |
| Space Use | Office |
| Build-Out | Full Build-Out |
| Available | Now |
CLASS B PROMINENT OFFICE BUILDING • BUILDING SIZE OF 108,451 SF ON 3 FLOORS • PARKING 4.0/1:000 EXPANDABLE TO 5.0/1,000
2nd Fl-Ste 220
| Size | 8,393 SF |
| Space Use | Office |
| Build-Out | Full Build-Out |
| Available | Now |
• PROMINENT VISIBILITY ON DUNLAP AVENUE • 1 BLOCK FROM I-17 AND DUNLAP INTERCHANGE • 2.5 MILLION SQUARE FEET OF RETAIL AMENITIES WITHIN 1 MILE • LOCATED ON BUS LINE • ONE BLOCK FROM LIGHT RAIL STOP • CORPORARTE NEIGHBORS INCLUDE COGNIZANT, BLUE CROSS BLUE SHIELD AND DEVRY UNIVERSITY • PROXIMITY TO STRONG LABOR FORCE
2nd Fl-Ste 275
| Size | 11,652 SF |
| Space Use | Office |
| Build-Out | Full Build-Out |
| Available | Now |
• PROMINENT VISIBILITY ON DUNLAP AVENUE • 1 BLOCK FROM I-17 AND DUNLAP INTERCHANGE • 2.5 MILLION SQUARE FEET OF RETAIL AMENITIES WITHIN 1 MILE • LOCATED ON BUS LINE • ONE BLOCK FROM LIGHT RAIL STOP • CORPORARTE NEIGHBORS INCLUDE COGNIZANT, BLUE CROSS BLUE SHIELD AND DEVRY UNIVERSITY • PROXIMITY TO STRONG LABOR FORCE
3rd Fl-Ste 300
| Size | 5,136 SF |
| Space Use | Office |
| Build-Out | Full Build-Out |
| Available | Now |
CLASS B PROMINENT OFFICE BUILDING • BUILDING SIZE OF 108,451 SF ON 3 FLOORS • PARKING 4.0/1:000 EXPANDABLE TO 5.0/1,000 • BUILT 1987, COMMON AREA
3rd Fl-Ste 305
| Size | 9,618 SF |
| Space Use | Office |
| Build-Out | Partial Build-Out |
| Available | Now |
• PROMINENT VISIBILITY ON DUNLAP AVENUE • 1 BLOCK FROM I-17 AND DUNLAP INTERCHANGE • 2.5 MILLION SQUARE FEET OF RETAIL AMENITIES WITHIN 1 MILE • LOCATED ON BUS LINE • ONE BLOCK FROM LIGHT RAIL STOP • CORPORARTE NEIGHBORS INCLUDE COGNIZANT, BLUE CROSS BLUE SHIELD AND DEVRY UNIVERSITY • PROXIMITY TO STRONG LABOR FORCE
3rd Fl-Ste 325/330
| Size | 4,520 SF |
| Space Use | Office |
| Build-Out | Shell Space |
| Available | Now |
• PROMINENT VISIBILITY ON DUNLAP AVENUE • 1 BLOCK FROM I-17 AND DUNLAP INTERCHANGE • 2.5 MILLION SQUARE FEET OF RETAIL AMENITIES WITHIN 1 MILE • LOCATED ON BUS LINE • ONE BLOCK FROM LIGHT RAIL STOP • CORPORARTE NEIGHBORS INCLUDE COGNIZANT, BLUE CROSS BLUE SHIELD AND DEVRY UNIVERSITY • PROXIMITY TO STRONG LABOR FORCE
Property Taxes
| Parcel Number | 149-12-008A | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,155,840 |
Property Taxes
Contacts
-
Eric Wichterman -
Christopher Toci -
Stephanie Adams -
Diana Hernandez -
Livie Hiles -
Cushman & Wakefield
Presented by
Crescent Corporate Center | 2400 W Dunlap Ave
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