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Parallel Capital Partners Leases Nearly 100,000 Square Feet of Commercial Space at Phoenix High Rise
Newly Renovated US Bank Tower Poised for Next Wave of Downtown Growth
Additionally, the City of Phoenix Police Department recently leased 3,290 square feet of administrative space on the first floor, affording them a more strategic presence in the downtown district.
According to Matt Root, CEO of Parallel Capital Partners, a San Diego-based investment firm, the successful transactions come on the heels of a comprehensive two-year capital improvement program made to the landmark property, which was originally constructed in 1976 and last renovated in 2005.
“With these latest transactions, the 31-story tower – the second highest building in Arizona – has reaffirmed its status as one of the Phoenix area’s top commercial properties,”
Root attributes the successful negotiations to the property’s ideal location in the downtown south submarket, as well as the many recent improvements which include extensive renovations of the main lobby and parking garage entries, corridors and other common areas; an energy efficient lighting retrofit; patio and landscaping upgrades and a complete facade renovation of the tower stonework and the adjacent 21 West Van Buren parking garage.
The architect for the renovation was Phoenix Design One and the general contractor was Stevens-Leinweber Construction, Inc.
About Parallel Capital Partners, Inc.
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 its own account in primary and secondary markets west of the Mississippi, including Hawaii.
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