The 16-story, 310,837-sf banking and office tower, often referred to as the Bank of America building and a well-known sight on the Mesa skyline, was purchased from Biltmore Holdings of Scottsdale. "It's a beautiful building," John Greenman, vice president of acquisitions for AmeriVest, tells GlobeSt.com of the Alma School and Southern roads property, the city's only skyscraper which towers above nearby Fiesta Mall.

"One of the attractions for us is that it's just a dominant building in terms of structure," Greenman adds. "This is a dominant building within the entire Southeast valley. It's the biggest high-rise in miles and very identifiable. It's got panoramic views, extensive landscape and it's a very striking landmark in Mesa."

But Greenman says the building's skyline dominance was not the reason behind the purchase. "What's exciting for AmeriVest is to find our kind of tenants in that building," he says, explaining the company's preference for catering to small to mid-size firms.

The 80%-occupied Financial Plaza Building has 43 tenants, most of which fall into the preferred category. Set just north of the Superstition Freeway, the class A property offers panoramic views of the Phoenix skyline along with on-site amenities that include a Bank of America branch and a freestanding restaurant.

The property is the third acquisition in the Valley since 2001 for Denver-based AmeriVest. The firm entered the Phoenix market that year with the purchase of the 96,076-sf Arrowhead Fountains Center, a fully leased building at 16150 N. Arrowhead Fountains Center in the suburb of Peoria. This February, AmeriVest acquired the Southwest Gas Building, located in the Grove at Black Canyon business park in North Phoenix, for $17 million.

Instant Insights /

Landmark Mesa Tower Trades for $39M

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