Word about Hines' contract for the Downtown trophy leaked out inmid-December. According to William Olson, vice presidentwith Hines' Arizona development office, the company had made runsat the 492,116-sf One Renaissance Square at 2 N. Central Ave. andthe 473,392-sf Two Renaissance Square at 40 N. Central Ave. whenthey were separately marketed in 2005 and before that. This time,he says the offering was particularly attractive because itprovided control of both CBD buildings.

"It's always a great opportunity when you have buildings likethis with quality tenants," Olson says. "They've seen differentownership teams and I think when they see one that's going to bethere for awhile, it helps them feel more comfortable."

Olson tells GlobeSt.com that the 95%-leased rosters will stayfairly stable for a couple years, with 3% of the leases rolling in2008 and a 10% roll in the following year and into 2010. "Therewill be some tenant turnover. We were aware of this during the duediligence process," he adds. "But, those will create some newleasing opportunities and the ability to bring up some of thatspace to market rental rates. We think that, based on the interviewwith the tenants, they're pleased with the buildings."