August 27, 2019
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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