PHOENIX-Pacific Office Properties Trust Inc. has exercised its option to buy the 370,400-sf US Bank Center from San Diego-based Shidler Group. The landmark US Bank Center is the second tallest office tower on the city’s skyline.

The class A purchase boosts the buyer’s portfolio to 3.2 million sf since it became a publicly traded company in March. Consistent with its co-investment strategy, Pacific Office Properties Trust will co-own the 31-story tower at 101 N. First Ave. in partnership with an institutional investor. The tower, built 32 years ago, has ground-level retail and a separate parking garage, with its location near the city’s light-rail transit line, which will be operational by the end of this year.

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