by Dan Peoples | Nov 19, 2012

U.S. GSA Signs Lease with Parallel Capital Partners
for Veterans Administration Offices in Phoenix

10-year lease for 25,432 square feet of office space in the City Square Office Towers

Parallel Capital Partners, Inc. has announced that the U.S. General Services Administration (GSA), acting on behalf of the U.S. Veterans Benefits Administration (VBA), has signed a 120-month lease for 25,432 square feet of office space at 3838 N. Central Avenue in the City Square Office Towers in downtown Phoenix, Arizona, 85012.

The 3838 Tower is one of three office buildings in the City Square Office Towers located at 3800, 3838 and 4000 N. Central Avenue. The Towers range in height from 17 to 23 stories and offer a total of 737,403 leasable square feet. They are part of Phoenix City Square, the largest mixed-use commercial development in Arizona, which includes a 156-room Hilton Garden Inn, a 35,000-square-foot Sports Club and 2,230 parking spaces, all situated on 16 acres in mid-town Phoenix.

The General Services Administration represented themselves. Parallel Capital Partners, Inc. was represented by John Bonnell and Brett Abramson of Jones Lang LaSalle.

The General Services Administration is an independent agency of the U.S. government that manages and supports the basic functioning of federal agencies, including providing office space to federal employees. The Veterans Benefits Administration is responsible for administering programs that provide financial and other forms of assistance to veterans, their dependents and their survivors.

Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a real estate investment and operating firm that focuses on office, industrial and retail property acquisition in markets in the western U.S. and Hawaii. The company identifies opportunities where assets are undervalued and uses restructuring, capital improvements and superior leasing and management to turn value-added opportunities into core properties.