With the deal done, the JV will spend another $2 million toupgrade the HVAC systems in the eight-building office complex andrenovate lobbies. "We're not tearing anything down, but we will bedoing a number of cosmetic upgrades," says Todd Gooding, who ischief investment officer of SKB. There are no plans, at this point,to either develop or sell the raw land. The 33-acre developmentsits between West Dunlap and West Peoria avenues.

"We're focusing, right now, on maximizing the value of eachasset," Gooding explains. "Then we'll focus on how to proceed."

Completed between 1975 and 1982, Phoenix Corporate Center isclass A and B space. The buildings' tenant roster is made up ofGMAC, the ICE Inc., GC Services, Hartford Fire Insurance, US Westand Cognizant Technology. Transwestern Commercial Services willhandle property management and leasing for the asset, which ishovering 78% occupancy. "We're negotiating with tenants right nowfor about 30,000 additional sf," Gooding tells GlobeSt.com.

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