Nuveen buys Sky Harbor Innovation Park site for $23.2M as office conversions accelerate

5/12/2026

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Phoenix Business Journal

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• Subcategory: Office: Urban

• Tag: Conversion | Proposed | Sale

• Additional Filters-Subcategory: Office: Garden

• Additional Filters-Tags: Conversion: Office-to-Industrial, Sale: Investment, Sale: Single Property

• Company: Nuveen, The Opus Group

Highlights
Nuveen Real Estate acquired Sky Harbor Innovation Park in Tempe for $23.2 million
Office vacancy rates in Phoenix metro decreased to 23.5% in first quarter 2026
Newmark is tracking 5.65 million square feet of conversion projects across seven submarkets