One North Central, a 410,000-square-foot tower was recently sold to the San Diego based company, Parallel Capital Partners. The building, which is 20 stories and is Class A, LEED Silver and Energy Star-rated, was sold to Parallel Capital Partners by One North Central LLC for a mere $93.75 million.
“This was a highly attractive investment for us,” said Matt Root, CEO of Parallel Capital Partners. “Downtown Phoenix has consistently performed and remains one of the region’s preeminent Class A markets. Additionally, Phoenix is a hub for cultural and arts institutions, higher education, major league sports - with diverse residential options - as well as being one of the fastest growing cities in the nation and home to six Fortune 500 companies.”
Parallel Capital Partners plan to invest around $1.5 million for renovations and upgrades, only to make it an even more attractive office and retail space in downtown.
For more information on this investment, click here.