X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Crown West Realty LLC has added the 450,000-sf Phoenix Corporate Tower to its portfolio, paying $69.25 million to long-time owner, San Francisco-based Krausz Co. Inc. The 40-year-old building was 83% leased at sale time.

Phoenix Corporate Tower, located at 3003 N. Central Ave., is in line for a major upgrade to the exterior, plaza, lobbies and other common areas, according to a press release about the sale. Crown West did not return telephone calls by press time to comment on the acquisition and the value-add plan.

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

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

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.