PHOENIX-US Bancorp, the Minneapolis-based financial services holding company, has inked an 11-year deal for a 31,000-sf regional headquarters location in the CBD. The deal helps to fill space emptied four years ago by Bank of America, which left after 25 years for a new Downtown address.

The city's second-tallest building, once known as the Bank of America Tower, is a 31-story, 355,608-sf structure built in 1976 and extensively renovated in 2000. Owned by Amerimar Enterprises Inc. of Philadelphia and Angelo, Gordon & Co. LP of New York City, the 101 N. First Ave. building is in the process of "being backfilled" with new tenants following BofA's big pullout, says a source close to the transaction. In the late 1990s, Charlotte, NC-based BofA occupied 66% of the building, or roughly 234,800 sf, according to Amerimar reports. Following BofA's departure, Amerimar put $3.9 million into renovating the building, including new lobby, common areas, streetscape and restrooms.

No financial terms were disclosed about the transaction, but office rents in the city's CBD were averaging $22.35 per sf in the second quarter, according to Grubb & Ellis Co. The building owner was represented by Charles Miscio, Keith Lambeth, Ashley Brooks, Jim Bayless, Susan Evans and Scott Baumgarten with CB Richard Ellis Inc.'s Phoenix office. Craig Coppola of the locally based Lee & Associates Arizona negotiated for US Bancorp.

Slated to move in the first quarter 2005, US Bancorp will set up a retail bank branch in the tower's lobby and take down 26,000 sf on floors 15 and 16. About 200 employees will be housed in the regional HQ. US Bancorp's Arizona operations will move from 3800 N. Central Ave. in Phoenix. By moving to 101 N. First Ave., it's joining nearby Downtown ground-level bank branches such as Bank One, Wells Fargo and Bank of America.