U.S. Bank Center, Phoenix

August 27, 2019 Comments Off on Black Salmon Invest $107M in U.S. Bank Center Views: 1316 National News, Phoenix & Southwest News, Southwest

Black Salmon Invest $107M in U.S. Bank Center

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Black Salmon shook hands with partners ScanlanKemper Bard Cos. and Varde Partners Inc. for ownership rights of the U.S. Bank Center in downtown Phoenix. The Miami investor will invest than $107 million for the 375,862-square-foot, Class A office building, baseed on purchase price, tenant improvements and planned enhancements.

The tower, situated at 101 N. First Ave., is 83% leased. Tenants include U.S. Bank, WeWork and Jacobs Engineering Group. The transaction also included a separate, seven-story parking structure that is in a designated Opportunity Zone.

Improvements will include the fitness center, common areas, management and leasing offices, ground-floor lobby and exterior. “Downtown Phoenix meets the criteria of our office investment thesis, strategically developed to evaluate the vitality of a market,” said Black Salmon’s Jorge Escobar. “The acquisition of U.S. Bank Center was a compelling opportunity to add a high-quality asset to our growing portfolio and national footprint.”

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