Following a nearly $3 million renovation of the landmark US Bank Center in downtown Phoenix, Parallel Capital Partners has renegotiated nearly 100,000 square feet and more than $25 million in total lease consideration with existing tenants Valley Metro Rail Inc. (57,074 square feet renewed to 2026); Xerox (31,861 square feet renewed to 2020); and Jacobs Engineering Group Inc. (20,451 square feet renewed to 2024).
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 said. The 373,013-square-foot office building is located on 1.66 acres at 101 North 1st Avenue and 21 West Van Buren in downtown Phoenix, Ariz.
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.