PHOENIX-A historic downtown office building has been purchased by a local investment firm that plans to renovate the property.

Phoenix-based Rudel Co. purchased the Heard Building, a seven-story office building at 112 N. Central Ave. for $1.6 million. The 70,000-sf building, the first office tower in the city , was built in 1919 by businessman Dwight B. Heard.

Rudel Co. plans to list the building on the state and national historic registers. The renovation will include an open-air café on the ground floor, crate retail space and house offices. The refurbishment is expected to be completed in January.

The building, which was 50% occupied at the time of the sale, was sold by Salem, OR.-based Central Avenue Investors. The Phoenix office of CB Richard Ellis negotiated the sale.

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