{"id":1004232464,"date":"2018-05-30T07:54:13","date_gmt":"2018-05-30T15:54:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004232464"},"modified":"2022-12-08T19:48:35","modified_gmt":"2022-12-09T03:48:35","slug":"parallel-capital-acquires-full-interest-in-az-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/parallel-capital-acquires-full-interest-in-az-office-tower\/","title":{"rendered":"Parallel Capital Acquires Full Interest in AZ Office Tower"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004232470\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Two-Arizona-Center.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004232470\" data-attachment-id=\"1004232470\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/parallel-capital-acquires-full-interest-in-az-office-tower\/two-arizona-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Two-Arizona-Center.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1493127150&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Two Arizona Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Two Arizona Center, Phoenix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Two-Arizona-Center.jpg?w=800\" class=\"wp-image-1004232470 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Two-Arizona-Center.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Two-Arizona-Center.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Two-Arizona-Center.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Two-Arizona-Center.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004232470\" class=\"wp-caption-text\">Two Arizona Center, Phoenix<\/p><\/div>\n<p>Parallel Capital Partners has acquired full interest in Two Arizona Center, one of two Class A office properties within metro Phoenix&#8217;s entertainment destination, Arizona Center.<\/p>\n<p><em>\u201cThis was a compelling deal for us,\u201d<\/em> said Matt Root, CEO &amp; managing partner for Parallel Capital Partners, in a prepared statement. <em>\u201cThe building is situated in the heart of the iconic Arizona Center, a mixed-use development now nearing completion on a comprehensive <a href=\"https:\/\/www.commercialsearch.com\/news\/arizona-center-begins-25m-renovation\/\">$25 million renovation<\/a>, and is fully leased until 2045 to one company\u2014APS\u2014giving it tremendous long-term value.\u201d<\/em><\/p>\n<p>The 20-story building was purchased from Angelo, Gordon and Co. The two companies acquired the Arizona Center campus in 2015 for $126 million, in a deal which included entitlements for an additional 3.9 million square feet of improvements. The office asset comprises 512,852 square feet on a one-acre parcel at 400 N. Fifth St. Over the last few years, the tenant\u2014Arizona Public Service Co.\u2014has invested more than $46 million to upgrade the building, which was constructed in 1989.<\/p>\n<p>The 16-acre Arizona Center began renovations in 2017. The development will add a 200-key AC Hotel by Marriott and last month, Parallel Capital sold a parcel that will house the 30-story Palm Court Tower, a $100 million luxury residential tower.<\/p>\n<p><em>Image courtesy of Parallel Capital Partners&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two Arizona Center, a 20-story building located on one of the 16 acres comprising the mixed-use Arizona Center, offers 512,852 square feet and is fully leased to Arizona Public Service Co.<\/p>\n","protected":false},"author":746,"featured_media":1004232470,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1601,15],"tags":[36132,34560,34445],"class_list":["post-1004232464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-phoenix","category-west","tag-angelo-gordon-and-company","tag-matt-root","tag-parallel-capital-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. 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