Arizona State Land Department officials say a national insurance company has successfully bid $83 million for about 134 acres (54 hectares) of trust land in Scottsdale.
Nationwide Mutual Insurance Company has plans for a mixed-use development, including a regional corporate headquarters.
The Fortune 500 company already has an existing office complex in Scottsdale.
The Scottsdale City Council voted in June to approve a rezoning package calling for a variety of commercial uses including offices and hotels, as well as for several hundred residential units.
Arizona K-12 public education is the largest of 13 beneficiaries of trust land managed by the State Land Department.
The department manages more than 9.2 million acres (3.7 million hectares) of trust land, which is 13 percent of the land within Arizona.