Phoenix – The Donor Network of Arizona, a tissue and organ bank, has purchased for $2.4 million an office building in the Downtown area and plans to convert it into a state-of-the-art repository.

The nonprofit group bought the 30,000-sf office building at 201 W. Coolidge St. in Phoenix from Matrix Bancorp. Inc. The sale was negotiated by the local office of CB Richard Ellis.

Donor Network plans to convert the complex into an organ and tissue repository. Completion is schedule for January.

Downtown Phoenix’s available supply of class A office space has dwindled in recent years. At the start of the third quarter the vacancy rate for class A in Downtown was a mere 1.4%. But plenty of class B space remains available, with a vacancy rate of more than 20%.

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