The class A purchase boosts the buyer's portfolio to 3.2 millionsf since it became a publicly tradedcompany in March. Consistent with its co-investmentstrategy, Pacific Office Properties Trust will co-own the 31-storytower at 101 N. First Ave. in partnership with an institutionalinvestor. The tower, built 32 years ago, has ground-level retailand a separate parking garage, with its location near the city'slight-rail transit line, which will be operational by the end ofthis year.

"The acquisition of the landmark US Bank Center will furtherenhance Pacific Office's portfolio in Phoenix, where we believe thelong-term demographic trends are very attractive and where wecurrently have a significant presence and established managementteam," Dallas Lucas, Pacific Office Trust's CEO, says in a pressrelease. Additional details will be forthcoming, but the LosAngeles-based buyer's acquisitions team couldn't be reached bydeadline.

Pacific Office Property Trust is a merger between Arizona LandIncome Corp. and POP Venture LLC. As part of its formationtransactions, Pacific Office Trust was granted the option toacquire certain properties that Shidler may have bought prior tothe consummation of its formation transactions, including US BankCenter, and at the same price, according to the release. Shidlerbought the tower in May 2006 for$66.25 million.