PHOENIX (April 19, 2000) - Phoenix-based Pivotal Group, in association with William E. Simon & Sons Realty, recently announced the sale of its Pointe Office portfolio for $44.2 million. The buyer is a partnership headed by The Archon Group of Irvine, Tex.

Located within the Pointe At Squaw Peak resort/residential community in north Phoenix, the Pointe Office portfolio includes three Class-A office buildings totaling more than 425,000 square feet. Pivotal Simon Group originally purchased the portfolio in early 1996 for $26 million.

"This sale represents the culmination of several years of investment, management and repositioning by Pivotal," said Francis Najafi, CEO of Pivotal Group. "We are pleased to be selling the Pointe portfolio to quality institutional owners like the Archon Group partnership who will undoubtedly maintain the highest level of value for these properties and their tenants."

The Point Office properties, which are more than 90 percent leased, include:
- Pointe Corridor Center, 7500 North Dreamy Draw Drive
- Pointe Corridor Center I, 7600 North 16th Street
- Pointe Corridor Center II, 7600 North 15th Street
Pointe Office tenants include REZsolutions, Dames & Moore Engineering, Information Network Corp. and Cigna Health Plan of Arizona.

CB Richard Ellis of Phoenix and Los Angeles-based Eastdil Realty represented Pivotal Simon in this transaction.

The Archon Group partnership includes Whitehall Fund, the New York-based real estate division of Goldman Sachs, and Insignia Commercial Group of Los Angeles.

Based in Phoenix, Pivotal Group is a diversified investment company dedicated to the quality development of resort, residential and office properties in Arizona and the Southwest. Widely recognized for its ability to create high-quality communities and business environments, the firm has worked closely with some of the nation's premier real estate companies, including Los Angeles-based William E. Simon & Sons Realty, Boston-based AEW Capital Management and Phoenix-based DMB Associates.

Recent activities of Pivotal Group include the development of Promontory, a $500 million, 6,500-acre resort-style planned community in Summit County, Utah; acquisition and renovation of The Century Plaza Hotel and Tower in Los Angeles; acquisition and repositioning of Red Mountain Spa near St. George, Utah; the Ritz-Carlton Phoenix; the Camelback Esplanade in Phoenix; and the Talley portfolio with properties in California, Arizona and Texas.

For more information about Pivotal Private Equity, visit www.pivotalgroup.com