Phoenix Corporate Tower, located at 3003 N. Central Ave., is inline for a major upgrade to the exterior, plaza, lobbies and othercommon areas, according to a press release about the sale. CrownWest did not return telephone calls by press time to comment on theacquisition and the value-add plan.

The 26-story tower's major tenants include Fennemore Craig PC,Littler Mendelson Bacon & Dear PLLC, Winslow Orcutt Partnershipand Clifton Gunderson LLP. CB Richard Ellis senior vice presidentKeith Lambeth and first vice president Charles Miscio will handleleasing. The quoted rate is $22 per sf.

The acquisition is Crown West's 15th in the area since 2001. Inthe press release, Bob Olshan, vice president of the Spokane,WA-based Crown West and Phoenix office head, North Central Avenue'srenaissance, as well as that of the CBD, was a mitigating factor inthe acquisition. "The influx of residential developments,educational facilities and retail amenities is making CentralAvenue an increasingly attractive and cost-effective alternativefor office tenants," he says.