X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-The Milwaukee-based US Bancorp has signed a 16,681-sf lease for 101 N. 1st Ave. in the downtown, committing to a payout of nearly $3.3 million over the 10-year term.

Andrew Cheney with Lee & Associates Arizona tells Globest.com that US Bancorp leased the new space to consolidate its corporate function as well as increase its presence in the Phoenix market. Currently, US Bancorp’s corporate office divisions are located in branches that are scattered throughout the Valley. Cheney and Lee & Associates’ Craig Coppola represented US Bancorp.

The US Bancorp team searched the Valley for two months and considered leasing space in all three of Phoenix’s financial districts including the CBD, the Camelback Corridor and Scottsdale before deciding on 101 North 1st Ave., owned by BankAm LLC of New York City.

“US Bancorp liked the amenities that the new building offered and the high-rise look and downtown feel,” Cheney says. The 31-story, 355,608-sf building, which is 60% leased, is marketed by CB Richard Ellis Inc.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.