Crown West Puts Up $69M for 450,000-SF Office
By Amy Wolff Sorter
June 28, 2007
PHOENIX – Crown West Realty, LLC has added the 450,000-sf Phoenix Corporate Tower to its portfolio, paying $69.25 million to long-time owner, San Francisco-based Krausz Co. Inc. The 40-year-old building was 83% leased at sale time.
Phoenix Corporate Tower, located at 3003 N. Central Ave., is in line for a major upgrade to the exterior, plaza, lobbies and other common areas, according to a press release about the sale. Crown West did not return telephone calls by press time to comment on the acquisition and the value-add plan.
The 26-story tower’s major tenants include Fennemore Craig PC, Littler Mendelson Bacon & Dear PLLC, Winslow Orcutt Partnership and Clifton Gunderson LLP. CB Richard Ellis senior vice president Keith Lambeth and first vice president Charles Miscio will handle leasing. The quoted rate is $22 per sf.
The acquisition is Crown West’s 15th in the area since 2001. In the press release, Bob Olshan, vice president of the Spokane, WA-based Crown West and Phoenix office head, North Central Avenue’s renaissance, as well as that of the CBD, was a mitigating factor in the acquisition “The influx of residential developments, educational facilities and retail amenities is making Central Avenue an increasingly attractive and cost-effective alternative for office tenants,” he says.