PHOENIX—Expanding its Phoenix area footprint, San Diego-based Parallel Capital Partners announced  it has acquired One North Central—a 20-story, trophy office building in downtown Phoenix—for $93.75 million. The 410,000-square-foot class A, LEED Silver, Energy Star-rated tower was acquired from One North Central LLCEastdil Secured represented the seller and Parallel represented itself in the deal.

Parallel Capital Partners will invest more than $1.5 million to renovate and upgrade the landmark property – including lobby modernizations, common area upgrades, a new tenant lounge and spec suites. Located on 1.27 acres, the tower was originally constructed in 2001 by Ryan Companies.

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