Expanding its Phoenix area footprint, San Diego-based Parallel Capital Partners announced that it has acquired One North Central – a 20-story, trophy office building in downtown Phoenix – for $93.75 million. The 410,000-square-foot Class A, LEED Silver, Energy Star-rated tower was acquired from One North Central LLC. Eastdil Secured represented the seller and Parallel represented itself in the deal.
Parallel Capital Partners will invest more than $1.5 million to renovate and upgrade the landmark property – including lobby modernizations, common area upgrades, a new tenant lounge and spec suites. Located on 1.27 acres, the tower was originally constructed in 2001 by Ryan Companies.
According to Matt Root, CEO of Parallel Capital Partners, this latest acquisition furthers his firm’s core mission of acquiring best of class assets in key western markets. “This was a highly attractive investment for us,” he said. “Downtown Phoenix has consistently performed and remains one of the region’s preeminent Class A markets. Additionally, Phoenix is a hub for cultural and arts institutions, higher education, major league sports – with diverse residential options – as well as being one of the fastest growing cities in the nation and home to six Fortune 500 companies.”
Furthering its appeal, the tower has a bold curvilinear design and features large floor plates – up to 30,900 square feet – with minimal interior columns for greater interior design flexibility. The exterior base of the building is clad in sandstone and granite, while the upper floors are sheathed in a copper-tinted glass curtain wall. An above- and below-grade eight-story parking garage can accommodate over 980 cars.
Currently 95 percent leased, the building has an established, long-term tenant base, with anchor tenants including the law offices of Ryley, Carlock and Applewhite, Arizona Summit Law School, Comerica Bank and the Bureau of Land Management.
Parallel has maintained an active presence in the region and currently has 1.2 million square feet of Phoenix office and retail space including City Square in the midtown area.