Phoenix Corporate Tower, located at 3003 N. Central Ave., is in line for a major upgrade to the exterior, plaza, lobbies and other common areas, according to a press release about the sale. Crown West did not return telephone calls by press time to comment on the acquisition and the value-add plan.
The 26-story tower's major tenants include Fennemore Craig PC, Littler Mendelson Bacon & Dear PLLC, Winslow Orcutt Partnership and Clifton Gunderson LLP. CB Richard Ellis senior vice president Keith Lambeth and first vice president Charles Miscio will handle leasing. The quoted rate is $22 per sf.
The acquisition is Crown West's 15th in the area since 2001. In the press release, Bob Olshan, vice president of the Spokane, WA-based Crown West and Phoenix office head, North Central Avenue's renaissance, as well as that of the CBD, was a mitigating factor in the acquisition. "The influx of residential developments, educational facilities and retail amenities is making Central Avenue an increasingly attractive and cost-effective alternative for office tenants," he says.
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