Crown West Realty Acquires Giant Corporate Headquarters

PHOENIX – Crown West Realty, L.L.C. recently completed the purchase of the Giant Industries Corporate Headquarters in Scottsdale. This represents the 7th acquisition for Crown West Realty in the Phoenix area over the last three years.

Constructed in 1989 in classic southwest architecture, the structure is a 2 story Class “A” office building located at 23733 North Scottsdale Road and is 100% occupied by Giant Industries. The 66,283 square foot building sits on 8.43 acres and was purchased from Diversified Partners for just under $13.8 million. Crown West intends to sell the Giant headquarters building immediately and use the excess land to develop a new high-end office condominium development.

Richard Rollnick, President of Crown West Realty, states “Crown West anticipates great success with this development. Facility solutions for smaller businesses have increased in demand in the Phoenix market. The office condominium is an innovative way for Crown West to meet that demand while still allowing businesses an ownership opportunity.”

According to Crown West’s Phoenix Vice President, Bob Olshan, Crown West Realty has teamed up with LGE Design Build to develop a high-end, three-building office condominium complex totaling approximately 60,000 square feet in classic southwest architecture with structured parking. Construction is scheduled to begin January of 2006.

Crown West Realty continues to look for investment opportunities in the Phoenix area which according to Bob Olshan is Crown West’s ideal market. “The dynamic business environment and diverse real estate opportunities are well-suited to our investment goals. We will continue to aggressively seek additional properties and anticipate two or three more acquisitions to our portfolio in 2005.”

Crown West Realty, formed in 1996, is a privately-owned real estate investment, development and management firm with executive offices in Phoenix and New York City and administrative headquarters in Spokane, Washington. Crown West owns and manages nearly seven million square feet of leased office and industrial properties along with a significant amount of prime undeveloped industrial land.

Parties interested in leasing information or acquisitions should contact Richard Rollnick or Bob Olshan at (602) 288-3836.