CALIFORNIA – Kellwood, a California-based apparel company, recently purchased a 19-story office tower located in downtown Phoenix, Arizona where it will relocate its headquarters.
The company purchased the Monroe building on June 23 for $17.08 million and will occupy a significant portion of its 256,682 square feet.
“The acquisition of 111 West Monroe marks the beginning of an exciting new chapter for Kellwood, and we look forward to moving our headquarters to Downtown Phoenix in the coming months,” said Kellwood CEO David Falwell.
Kellwood produces tween, teen, and women’s apparel brands that include Jolt, Rewind, reCreation, Wit & Wisdom, Democracy and Briggs New York.
Falwell goes on to say that they believe that their presence can serve as a magnet for other companies in the creative arts, including those considering relocating to Arizona from out of state.
“We are committed to ensuring that this remains a premier location for innovative businesses in the years to come,” said Falwell.
Property stands out for proximity to ASU and other amenities
Newmark, a commercial real estate services firm, facilitated the sale of 111 West Monroe on behalf of the seller, an affiliate of Granite Point Mortgage Trust.
“Given the recent uptick in demand from owner-user buyers across the Phoenix market, this property stands out for its recent capital improvements, efficient floor plates and proximity to Arizona State University (“ASU”) and other amenities,” said Newmark executive managing director CJ Osbrink.
He adds that these features position the property for long-term success as a premier headquarters and attract a diverse range of future tenants.
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