Parallel Capital Brings New Tenants to Phoenix Office Tower
- Jul 26, 2017
More than 160,000 square feet of office space have recently been leased at One North Central, a 20-story office tower located in downtown Phoenix. Parallel Capital Partners negotiated four new leases, bringing the building to 93 percent occupancy.
The upcoming tenants are Quicken Loans, Live Nation, Coleman & Finch and Urban Eye Care, who will be joining Ryley Carlock & Applewhite and Renaud Cook Drury Mesaros, among other firms.
“We are thrilled with these latest additions to the tenant mix at the property. Quicken Loans will bring 1,100 jobs to the heart of the city. Add to that the other new tenants, and we are approaching the fully leased mark—a good indicator about the tempo of the Phoenix market,” said Matt Root, CEO of Parallel Capital Partners, in prepared remarks.
The most notable deal involved the relocation of lending company Quicken Loans from Scottsdale, Az., to a 150,000-square-foot office at One North Central. CBRE’s Executive Vice President Jerry Roberts and Associate Patrick Boyle represented Parallel, while David Friedman, president & CEO of Friedman Integrated Real Estate Solutions negotiated the agreement on behalf of the tenant. The lease term is 128 months.
The second-largest deal brought Live Nation to a 6,573-square-foot office in the building. Managing Director Daniel Dobric of Newmark Knight Frank represented the tenant. The same team of brokers from CBRE closed the transaction on behalf of the landlord. The lease term is 66 months.
Coleman & Finch signed the third-largest lease, preparing for the November opening of its One North Gastropub on 3,650 square feet of space located on the ground floor of the building. CBRE represented the tenant while Ryan Leavitt, a director with Cushman & Wakefield represented Parallel.
Parallel, who is also the owner of Arizona Center, bought One North Central in 2015. Following the acquisition, the 410,000-square-foot LEED Silver, ENERGY STAR-rated tower went through several renovations, resulting in a new business lounge, a garage automation system, elevator upgrades and the modernization of the Energy Management System, which cost the company approximately $1 million.
Image courtesy of Parallel Capital Partners