ACQUISITION OF US BANK CENTER, PHOENIX, AZ

by Dan Peoples | Nov 05, 2012

October 17, 2012

NEWS FROM:  Parallel Capital Partners, Inc.

FOR INFORMATION: Matt Root, Parallel Capital Partners, 858-882-9506
   Jim Ingebritsen, Parallel Capital Partners, 858-882-9504
   Dan Peoples, Peoples & Company, 858-552-1456

Parallel Capital Partners Acquires US Bank Center

Phoenix, Ariz.  Parallel Capital Partners, Inc. has announced that it has acquired US Bank Center in Phoenix, Arizona.  The acquiring entity was AG 101 North First-21 West Van Buren, L.L.C., a partnership between Parallel Capital Partners and Angelo, Gordon & Co.

US Bank Center is a 368-729-square-foot office building located on 1.66 acres at 101 North 1st Avenue and 21 West Van Buren in downtown Phoenix, Arizona, 85003. The office tower, the second-tallest build in the state of Arizona at 407 feet in height, was built in 1976 and renovated in stages between 2000 and 2005.

The Center is currently 75% occupied. Major tenants include Valley Metro Rail (57,007 SF), Jacobs Engineering Group, Inc. (40,235 SF), ACS State & Local Solutions (35,016 SF) and US Bank (30,082 SF).

Parallel Capital Partners plans to renovate numerous areas of the building, including floor and wall finishes and new lighting and furniture in the main lobby, upgrades to the eighth floor exterior patio, and additional tenant signage at the building entrance.  In addition, a new high efficiency HVAC chiller is currently being installed, and the entire tower will be retrofitted with high efficiency lighting to take advantage of utility rebates and the Energize Phoenix energy savings program.  Elevator modernizations to the tower freight and parking garage passenger elevators are scheduled for 2013.  Further enhancements will be made to the retail spaces and façade of the parking structure at 21 West Van Buren, to include new security gates, parking controls, and exterior painting of the structure. 

“U.S. Bank Center is extremely well positioned in the Downtown South submarket, the tightest office market in metro Phoenix,” said Matt Root, CEO.  “The Phoenix market continues to see sustained job creation that is benefitting the commercial real estate sector by increasing demand for space – and we think U.S Bank Center will benefit from this growth.”

Parallel Capital Partners, Inc. represented itself in the transaction.

Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully-integrated real estate investment and operating company focused on acquiring value-added and core plus opportunities for our own account in the western United States and Hawaii.