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January 23, 2019
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Parallel Capital Partners Acquires Full Ownership of 450k sf AZ Office Tower


San Diego-based Parallel Capital Partners has acquired full interest in Two Arizona Center – one of two Class A commercial office towers within Arizona Center, a mixed-use complex in downtown Phoenix. The 20-story property was acquired from Angelo, Gordon and Co in an off-market transaction for an undisclosed price.

The 450k sf tower is situated on a one-acre parcel at 400 N. 5th St, within the 16-acre Arizona Center project – located at 3rd and Van Buren Streets. The building was originally constructed in 1989 and is located in the heart of Phoenix’s growing central business district.

The tower is 100% leased to utility giant, Arizona Public Service Company (APS), Arizona’s largest and longest serving electric company. APS has invested over $46 mil in recent years to modernize and upgrade the building.

“This was a compelling deal for us,” said Matt Root, CEO and managing partner for Parallel Capital Partners. “The building is situated in the heart of the iconic Arizona Center, a mixed use development now nearing completion on a comprehensive $25 mil renovation, and is fully leased until 2045 to one company – APS – giving it tremendous long-term value.”

Both Angelo Gordon and Parallel represented themselves in the transaction. In a joint venture, Parallel Capital Partners and Angelo, Gordon & Co paid $126 mil in late 2015 for the Arizona Center complex, with entitlements for an additional 3.9 msf of improvements.

A comprehensive renovation of the Arizona Center began in 2017, and plans were recently revealed for the addition of a 200-room AC Hotel by Marriott. Last month, Parallel announced it had sold a parcel within the Arizona Center, which will soon house Palm Court Tower, a $100 mil, 30-story luxury residential tower.

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