Award-Winning Class A Design

• NAIOP Arizona 2008 Spec Office Building of the Year and the Phoenix Business Journal's 2009 "Talk of the Town" award for best overall project.
• Distinctive architecture: two-story atrium lobby, ribbon-glass curtain wall, architectural aluminum panels and the signature blue light panels that give tenants a corporate identity visible from SR-143.
• ±32,000 SF rectangular floor plates with efficient bay depths accommodate full-floor headquarters users as well as multi-tenant floors.
• Post-tensioned concrete structure, three (3) gearless traction passenger elevators plus a freight elevator, and a central-plant HVAC system.
• Covered parking in the detached five (5)-level garage—a meaningful amenity through Phoenix summers and a potential ancillary income source.
• Upper floors offer views of Camelback Mountain, the Papago Buttes and the downtown skyline.

Flexible ±32,000 SF Floor Plates

• Six floors of ±32,000 SF each—large enough for a full-floor headquarters and efficient enough to demise into half- and quarter-floor suites.
• Existing improvements range from executive-office layouts to open-plan creative space, giving the next owner a broad spec-suite and second-generation leasing menu.
• Floor-plate size is exactly where the market is moving: Western Alliance took 108,960 SF across two Gateway buildings because the trade area had the large blocks it needed.
• Immediate availability of ±98,800 SF positions 4600 to capture the next large-user requirement—or several mid-sized users—without a competitor of comparable quality in the trade area.

A Recovery Steadily Underway

• Western Alliance Bank leased 108,960 SF at One and Three Gateway in Q3 2026—the largest office lease in metro Phoenix for the quarter—consolidating its Phoenix-area offices into the Gateway complex it took back through foreclosure.
• East Gateway I & II has signed ±23,000 SF in three leases since trading in late 2025—Sarku Japan Restaurant Group (14,215 SF), Trinity Consultants (6,800 SF) and a 1,966 SF renewal and expansion—with a 61,000 SF lease pending.
• Gateway Executive Center (1048 N. 44th) is 100% leased; 501 Gateway is ±86% leased and just landed another ±2,500 SF tenant; 5055 East Washington is ±95% leased.
• Across the 15-building, 1.52 MSF trade area, ±161,000 SF has been leased but not yet occupied—vacancy that CoStar still counts, and that disappears as tenants move in.
• With that pipeline absorbed, the trade area is ±70% leased—and 4600 holds the largest contiguous block of what remains.

Significant Upside Potential

• 4600's current ±48% occupancy offers a reduced basis and the ability to grow in-place income more than seven-fold through lease-up; in-place rents sit ±10% below the $31.19/SF pro forma market rate.
• ±98,800 SF of vacancy is contained in large, contiguous blocks—ideal for the full-floor users active in the trade area—while the floor plates demise efficiently for 5,000–15,000 SF tenants.
• Existing improvements are extensive: executive offices, open-plan creative space, conference facilities, break rooms and lounges that lease as second-generation space with manageable capital.
• Camelback Corridor and Tempe tenants facing renewals at more than double their 2016 rents have few Class A alternatives—Gateway, Midtown and a thin collection of buildings west of the Camelback Corridor.
• Asking rents at 4600 are ±$31.00/SF, roughly 40% below Class A asking rents in the Camelback Corridor and Tempe and less than half the rates in recent deals there.
• The leasing plan is already drawn: demise suite 100 into two spec suites plus a ±2,450 SF tenant amenity suite, and lease the balance to a stabilized Year 4 NOI of ±$2.90 million—more than seven times in-place.

Proven Lease-Up History

4600 E. Washington — occupancy history (year-end; Q3 2026 current)

Source: CoStar All-Time Historical Vacancy Report, September 25, 2026.

• 4600 was 93%–95% occupied every quarter from 2017 through 2021—twenty consecutive quarters of near-full occupancy.
• The vacancy that exists today arrived in three post-COVID move-outs (2022, 2024 and 2025) and the absence of an offensive leasing strategy, not from any shortcoming of the building.
• The building has already leased up once—from a 2008 spec delivery into the recession to ±95% occupancy—and the trade area is now re-tenanting once again.

Long-Term Credit Anchors

• Valley Metro Regional Public Transportation Authority—tenant since 2011—just signed a new ten-year lease through June 2036 on ±23,930 SF, with rent commencing January 2027.
• Carollo Engineers, one of the nation's leading water-focused environmental engineering firms, has occupied the entire ±32,159 SF fifth floor plus a fourth-floor suite (±39,337 SF total) since 2011.
• Regus (IWG) operates a ±15,339 SF flexible-workspace center on the third floor under a lease running to January 2033—a tenant since 2012.
• Graycor Construction rounds out a roster with an average tenure of over a decade and a 4.56-year weighted average lease term.
• Nothing rolls in 2027; with Graycor's pending renewal to 2032, the only expiration before 2033 is Carollo's in January 2028.

The Camelback & Tempe Squeeze

• Just three years ago premier Class A office in the Camelback Corridor leased at ±$45/SF; deals in negotiation today are firmly in the low $70s.
• Ten years ago tenants secured Camelback Corridor rates in the mid-to-high-$20s—those tenants now face a more than doubling of their rent at renewal.
• Class A asking rents stand at $52.76/SF in the Camelback Corridor and $50.81/SF in Tempe, against $31.06/SF in the North Airport/44th Street Corridor (C&W Research, Q3 2026).
• The alternatives for a Camelback or Tempe tenant are few: Gateway, Midtown/Downtown North, and a thin collection of off-the-beaten-path buildings along 7th Street, 16th Street, Missouri and Northern.
• Of those, only Gateway keeps the executive commute short—44th Street runs straight south from Arcadia, the Biltmore and Paradise Valley to the subject's front door.

The 44th Street Spine

• 44th Street is the Gateway trade area's main arterial—and it runs straight south from the Valley's densest concentration of decision-makers.
• To the north it becomes Tatum Boulevard, cutting through the center of Paradise Valley—a town of one-acre-minimum lots with no commercial zoning, a $4.2 million median home price and sales reaching $33 million.
• Because of the mountains, Paradise Valley can otherwise be exited north-to-south only via SR-51 or Scottsdale Road—44th/Tatum is the direct link through the Phoenix Mountain Preserve, and Gateway is a straight ±10-minute commute.
• 44th Street also cuts through Arcadia to the east and Arcadia Lite and the Biltmore to the west—the balance of the nearby executive housing.
• Moving an office from the Camelback Corridor to any other alternative means a longer, less convenient commute. Gateway shortens it.

The Wealth Belt

• 4600 sits at the foot of a corridor of three of the Valley's most affluent residential pools—Paradise Valley, Arcadia and Arcadia Lite—and 44th Street runs straight through all three.
• Paradise Valley is a 15-square-mile town of ±5,700 homes on one-acre-minimum lots weaving through Mummy Mountain and the Camelback foothills, with no commercial zoning. Its median home price is ±$4.2 million, and sales have reached $33 million.
• Arcadia and Arcadia Lite (44th to 68th Street and 32nd to 44th Street, Camelback Road to the canal and Indian School) cover roughly four square miles of citrus-grove estates. Arcadia sales have reached $17 million; the ±$1.1 million median understates values because most trades are older homes bought for their land and replaced by the new estates under construction across the neighborhood.
• Together they form the executive housing and white-collar labor pool for the Camelback Corridor—and 4600 is a six-to-ten-minute, no-freeway commute from all of it.

Amenities Up 44th Street & in Downtown Tempe

• Minutes north on 44th Street, the 44th & Camelback node is one of the Valley's premier dining and hospitality addresses—anchored by The Global Ambassador hotel (with its three upscale restaurants and a private club), Steak 44, Pyro, LaLa Land, Flower Child and The Henry—with the Camelback Corridor's restaurants and retail beyond.
• 44th & Indian School adds a second dense cluster on the way to Arcadia—Doughbird, Hash Kitchen, Sushi Brokers, Nook Kitchen, Pita Jungle and CAVA.
• Closer in, the 44th & Washington light rail station and PHX Sky Train put Sky Harbor, Downtown Tempe and Downtown Phoenix within minutes—Tempe's Mill Avenue is ±8 minutes by car or rail.
• Downtown Tempe is home to the nation's largest university, Arizona State University, and its famed Mill Avenue Entertainment District is packed with nightlife, restaurants (Roman God of Fire, Filthy Animal, Culinary Gangster), and upscale hotels.
• Hotels cluster around the airport and 44th Street for visiting clients and executives, and Papago Park, the Phoenix Zoo and the Desert Botanical Garden lie just north.

Transit-Oriented Location

• Frontage and visibility on SR-143, the Hohokam Expressway—direct to the Loop 202, I-10 and US-60.
• Loop 202 is three minutes away, from which virtually every Valley freeway can be reached, including the Loop 101, SR-51 and I-17.
• Valley Metro light rail runs along the building's Washington Street frontage; the 44th St/Washington station is one block west and connects directly to the PHX Sky Train.
• Sky Harbor International Airport is five minutes away—by car or rail.
• Downtown Tempe and Arizona State University are ±10 minutes; Downtown Phoenix ±15 minutes—both reachable by light rail.

Site Summary

Building Specifications

Site Plan

Detached Five-Level Parking Garage

• Covered, structured parking for the majority of the building's stalls—a competitive advantage through Phoenix summers.
• 781 total spaces, 4.15 per 1,000 SF: 606 covered and 159 deck spaces in the garage, plus 13 covered and 3 deck accessible spaces; reserved and visitor parking on the ground level.
• Garage parking offers a future ancillary income source as the building re-tenants.

Typical Floor Plate — Fourth Floor

Metro Phoenix Office Market — Q3 2026

Metro Phoenix posted its third consecutive quarter of positive net absorption in Q3 2026—896,000 SF year-to-date—with no office space under construction anywhere in the metro. The supply side has been switched off. Leasing is concentrating where tenants find quality at a defensible cost: Camelback Corridor and Tempe Class A asking rents have reached $52.76 and $50.81/SF against a $30.68 metro average—the spread that drives the Gateway trade area. The quarter's largest lease landed in the subject's submarket: Western Alliance Bank's 108,960 SF at One and Three Gateway.

North Airport / 44th Street Corridor

The North Airport/44th Street Corridor is a compact, 2.45 million SF submarket at the center of the Valley's freeway and light-rail systems. Its headline vacancy is distorted by two facts: the 108,960 SF Western Alliance lease is still counted as vacant until the bank moves in, and Four Gateway (138,240 SF) is being marketed as a vacant owner/user building rather than competing for tenants. Netting those out, the Class A segment that 4600 competes in is re-tenanting faster than any point in the past five years.

More important is the rent relationship. Class A space in the corridor asks $31.06/SF against $52.76 in the Camelback Corridor and $50.81 in Tempe—a 40% discount for institutional-quality buildings a ten-minute drive from both. That relationship, not the headline vacancy, is what drove Western Alliance's consolidation and the leasing at East Gateway. Immediately east of SR-143, the Papago pocket is signing Class B deals at $33.50–$44.00/SF—another marker of where Gateway rents are headed.

The recovery is further along than the statistics show. Across the 15-building Gateway trade area, ±161,000 SF has been leased but not yet occupied—led by Western Alliance's 108,960 SF—and CoStar still counts every foot of it as vacant. Once those tenants take occupancy, the trade area's physical vacancy falls to ±30% (excluding Four Gateway, which is being sold to an owner/user rather than leased). The building-by-building detail is in the Competitive Set and Absorption pages below.

The Camelback and Tempe Squeeze

The lease transactions highlight the powerful transformation that has unfolded in the Camelback Corridor and Downtown Tempe markets. Twenty premier Class A deals since July 2025, every one above $61/SF and averaging $66.07, in the two submarkets that bracket Gateway: the Camelback Corridor to the north and Downtown Tempe to the south. Three years ago the same buildings leased at ±$45/SF; ten years ago, in the mid-$20s. Renewing tenants are facing a doubling or more of their occupancy cost.

Gateway sits between the two—a ten-minute drive from either—with Class A asking rents of $30 to $34. That delta, now $30+ per foot, is what is pulling tenants down 44th Street and across the freeway, and it is the demand driver behind every lease in the comparables.

What the Comps Say

• Eleven Gateway deals, ±93,800 SF, averaging $32.20/SF (range $30.50–$34.75)—above 4600's $31.00 asking rate, and most of them in buildings of lesser quality.
• Twelve Papago deals, ±117,400 SF, averaging $38.78/SF (range $33.50–$44.00). Papago is the Class B pocket one freeway east of the subject; Jacobs Engineering (22,508 SF at $40.61) and Zwicker & Associates (25,759 SF at $33.50) show large users paying $34–$41 for frontage on the same Washington Street 4600 fronts on.
• The two pockets are converging: Gateway asking rents have moved from $28.11 to $31.25/SF in six quarters, and the Western Alliance, iHeartMedia and Pine Health commitments were made at $33.00–$34.75.
• Against Camelback Corridor and Downtown Tempe transactions averaging $66.07/SF, a Class A floor at 4600 in the low $30s is the lowest-cost institutional-quality option between the two—and the comps say the market will pay more than the asking rate.

Vacancy Is Already Being Absorbed

Gateway trade area (15 buildings, 1.52 MSF) — vacant vs. available

Source: CoStar Aggregate Historical Vacancy Report, October 2026. *Includes a 1,966 SF 2026 East Gateway expansion per ownership; excludes the 61,000 SF pending lease.

• The Q3 2026 spike in physical vacancy is Four Gateway (138,240 SF) which has moved to seeking an owner/user (not marketed for lease, only for sale). Strip Four Gateway out and the Gateway trade area's physical vacancy is ±34%.
• Meanwhile the gap between vacant and available space widened to ±161,000 SF of signed leases waiting to occupy—led by Western Alliance's 108,960 SF. Once in occupancy these tenants lower Gateway's physical vacancy to ±30%.
• Asking rents in the trade area have risen from $28.11 to $31.25/SF in six quarters—landlords are pricing the recovery and necessary leasing costs, not chasing tenants.

Gateway Investment Sales

• Four Gateway-area office buildings have traded since August 2024—450,467 SF for $53.25 million, an average of $118/SF—and each sale was brokered by this Cushman & Wakefield team.
• The two stabilized assets, Gateway Executive Center (100% leased) and 501 Gateway (82%), sold at $176–$227/SF and 7.5%–9.2% cap rates.
• The two value-add assets, East Gateway I & II (43% leased) and COFCO Gateway Medical (35%), sold at $82–$93/SF—a basis from which both are now being re-leased.
• 4600 is offered unpriced. A 2008 Class A building at ±48% leased sits squarely in the value-add band these trades define.

Net Operating Income Analysis

Cash Flow Projection

• Calendar years beginning 1/1/2027; Year 4 (CY 2030) is the stabilized year at 98.4% occupancy.
• Capital costs of ±$10.9 million in Years 1–3—tenant improvements, leasing commissions, reserves and the $450,000 amenity program—carry the lease-up.
• Operating cash flow turns positive in Year 3 and runs $2.2–$3.0 million in Years 4–8.

Operating Expense Summary

Table of Assumptions

Rent Roll

Scheduled Monthly Income & Lease Expirations