Downtown Phoenix Office Building Lands $51M Financing

HFF secured the three-year, floating-rate loan for U.S. Bank Center, a 360,000-square-foot high-rise building. Completed in 1976 and renovated in 2013, the property is 63 percent occupied.

U.S. Bank Center in Phoenix
U.S. Bank Center in Phoenix

HFF secured $50.7 million in financing for U.S. Bank Center, a 359,212-square-foot, 31-story office building in Phoenix. Senior Managing Directors Jeremy Womack and Tom Wilson arranged the three-year, floating-rate loan through an affiliate of Walton Street Real Estate Debt Fund I.

Attractive location

The property is located at 101 N. First Ave., in the heart of downtown Phoenix, offering convenient access to Papago Freeway and Maricopa Freeway. It is also situated within walking distance of multiple dining, shopping and public transportation options. Completed in 1976 and renovated in 2013, the office building features a 13,500-square-foot portion of ground floor retail space, as well as a parking garage with more than 450 parking spaces one block north, at 21 W. Van Buren. Tenants at U.S. Bank Center, which is currently 63 percent occupied, include Xerox, U.S. Bank and Valley Metro.

According to Yardi Matrix data, ScanlanKemperBard acquired the property in 2014 from Angelo, Gordon & Co. for nearly $60 million.

At the end of 2016, Tom Wilson was involved in the largest Portland office deal of the year.

Image courtesy of Yardi Matrix