PHOENIX-City leaders have put down $15 million to acquire the 87,230-sf Cypress Building from a local management company. The class B building, which at one time housed a former regional office of the IRS, was purchased through condemnation.

In the coming weeks, the Family Advocacy Center and other departments will move to the two upper floors of the three-story building at 2120 N. Central Ave. The city plans to will relocate the Arizona Society of Certified Public Accountants, SWCA Inc. and POSitive to make for the inbound city agencies. Meanwhile, tenants Qwest Communications International Inc., Broadwing Communications LLC and Homestore Inc. will remain on the first floor.

According to Rick Abraham, senior associate in Phoenix for CB Richard Ellis, the city never abused its authority during the take-over proceedings. “They were open to the tenants’ needs throughout the process and worked with them in a friendly way,” he says. “They’ll pay the moving costs and help the tenants find new locations.” Abraham and CBRE first vice president Charles Miscio represented the seller, Scottsdale Property Management.

Abraham tells that the seller was prompted to make a deal because of the strong market. “Central Avenue is hot. The seller had owned the building for a little while and they thought it was good timing to sell,” he says.

The IRS was the building’s sole occupant from the late 1970s until the 1990s. In 1998, the structure was renovated and swung to multi-tenant use.

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