Canadian buyers acquire Midtown Phoenix’s Thirty 03 office tower for $32.25 million, target higher occupancy

Transaction places a renovated 26-story property among the region’s largest office buildings

A Canada-based ownership group has acquired Thirty 03, a 26-story Class A office high-rise in Midtown Phoenix, in a deal valued at $32.25 million. The building—also known in some marketing materials as Phoenix Corporate Center—sits at 3003 N. Central Avenue and contains 458,047 square feet of office space.

The buyer was identified in local reporting as brothers Joe Mikhail and Lou Mikhail, principals of Mikhail Holdings, a Windsor, Ontario-based real estate firm. The seller was Balfour Pacific, a Vancouver-based private equity real estate company. The sale was arranged by Newmark, which represented the seller.

Building upgrades and current leasing position

Thirty 03 has undergone a multi-year improvement program totaling nearly $11 million, with work beginning in 2019. Public deal announcements describe upgrades that included lobby improvements, elevator modernization and the delivery of speculative suites intended to speed leasing for tenants seeking move-in-ready space.

At the time of sale, the property was reported as 81% leased, with an occupancy mix spanning legal, healthcare, architectural, banking, government and professional services tenants. The new owners’ stated objective is to bring additional tenants into remaining vacancies, reflecting a strategy focused on stabilizing cash flow through leasing rather than a near-term redevelopment plan.

Why Midtown Phoenix matters to office investors

The tower’s location anchors it in one of Phoenix’s most transit-connected office corridors. The property is situated near a Valley Metro Rail stop at Central Avenue and Thomas Road, positioning it within an established employment area that links Uptown, Downtown and Tempe via light rail. Deal materials also point to sustained multifamily construction within a short radius of Midtown, a factor often cited by office landlords seeking to attract employers interested in live-work proximity.

Broader district investment has included large-scale redevelopment activity at Park Central and the buildout of new medical education facilities in Midtown, both of which are frequently framed by market participants as drivers of foot traffic and amenity growth.

Key facts at a glance

• Property: Thirty 03 (Phoenix Corporate Center), 3003 N. Central Ave., Phoenix
• Type/size: 26-story Class A office tower, 458,047 square feet
• Sale price: $32.25 million
• Reported occupancy at sale: 81%
• Capital improvements: nearly $11 million since 2019

With Midtown’s redevelopment activity and transit access, the building’s near-term performance will largely depend on its ability to convert remaining vacant space into signed leases and retain existing tenants as the office market continues to recalibrate.