Bob Olshan, vice president with Crown West and head of thePhoenix office, says the asset at 10400 N. 25th Ave. was brought tothe joint venture's attention by the local office of CB RichardEllis Co., which represented Scottsdale-based seller InternationalCapital Partners. "This was a well-located property in greatcondition, with very little capital improvements needing to bedone," Olshan explains. "The value-add to us is that it's more than50% vacant. It's a lease-up play for us."

Mike Sawyer, director, and Tim Whittemore, senior director withCushman & Wakefield of Arizona Inc.'s Phoenix office, had theleasing assignment when ICP owned the building, and Olshan saysthey'll continue working on filling it up. He points out that thedeparture of Hartford Insurance Co.'s western regional office inJune 2007 left a whole floor vacant, which is something the buyerknew when it went under contract. "We're looking either for afull-floor tenant, or we can break it up," Olshan says.

He tells GlobeSt.com that Crown West's relationship withTravelers of St. Paul is opportunistic, rather than goal-driven."When a deal makes sense to both of us, we do it," he says, addingthat the partnership has no acquisitions or dispositions in thepipeline.