2nd tallest downtown Phoenix building sold
[Source: Dees Stribling, Commercial Property News] — Pacific Office Properties Trust, Inc. has bought the 370,400-square-foot U.S. Bank Center complex in Phoenix. The 31-story office structure is the second-tallest building in Arizona, after the Chase Tower, and the deal also includes a separate seven-level structure with additional parking and ground-floor retail space.
Besides the bank of the same name, U.S. Bank Center’s major tenants include Jacobs Engineering Group, a major architectural and engineering firm, and Valley Metro Rail, which is overseeing the city’s new light rail transit project. Consistent with its co-investment strategy, Pacific Office will co-own the U.S. Bank Center in partnership with an institutional co-investor. No price was released for the building, but in 2006 the Shidler Group bought it for about $66.3 million.
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