"I guess you could say that we snuck in through the backdoor,"says Richard Rollnick, president of Crown West. "After it was takenoff the market, we took a very hard look at the submarket anddetermined that we could pay more money."

Artemis Fortis and Crown West were represented by Barry Gabeland Dennis Desmond, both senior vice presidents in Phoenix withTrammell Crow Co. Bob Olshan, a vice president of Crown West,headed up the acquisition process internally. The all-cash takedownclosed with new debt placed through Bank of America, Rollnicksays.

Rollnick tells GlobeSt.com that the Spokane, WA-based companywas able to pull together an offer and close on the nine-story,235,000-sf building in three weeks. "We're very fortunate to beable to add such a high-quality asset with such as prestigiousaddress to our portfolio," he says. "It's the top submarket inPhoenix." Crown West now owns 1.2 million sf in the Valley.