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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.

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