[IMGCAP(1)]PHOENIX-A 33-year-old vacant office building is getting a new life and new tenant, with help from a $1.5-million renovation. The 17,444-sf-building is part of a transit-oriented development trend starting to take hold along the Valley Metro Light Rail line.

The building at 2502 E. Washington St. was acquired last year by Scottsdale, AZ-based Washington & 25th Street LLC from Concentra Health Services Inc. of Dallas, which moved out after the sale. “The building was in a state of disrepair at the time,” says Pat Horan, first vice president with CB Richard Ellis in Phoenix. Horan, CBRE senior associate Chris Ackel and sales assistant Tyler Hannay are marketing the building for $24 per sf, full service.

Renovations will include an exterior redesign and extensive interior improvements. New windows and an elevator will be installed and upgrades made to electrical and mechanical systems. The building also will receive a new roof and new landscaping. Perlman Architects of Scottsdale is handling the redesign while Bjerk Builders Inc. of Gilbert, AZ is the general contractor.

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