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PHOENIX-Oak Park, IL-based Bank USA has beat out other banks trying to establish a presence along Camelback Road, acquiring the 30,345-sf former M&I Bank building for its headquarters. The bank now leases space in a Central Avenue building.

According to Jonathan Keyser, a principal with Cresa Partners’ Phoenix office, the 2222 E. Camelback Rd. property, which had been listed for $8 million, had already been taken off the market when Bank USA put in its bid, at an undisclosed amount. “They’d taken it off the market because they were negotiating with another buyer,” says Keyser who, with Cresa colleague Gary Gregg, represented Bank USA. Keyser adds that Bank USA swept in with a convincing, aggressive offer for local seller, Princeton American Corp.

Keyser tells GlobeSt.com that Bank USA will, upon move-in in the first quarter, occupy half of the now fully leased building and plot out the use for the balance of the space. “There are other tenants in there,” he adds. Brian O’Connor with O’Connor Commercial in Phoenix represented the seller.

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