Vacant Bank One Building Gets New Owner, New Tenant

PHOENIX-The freshly sold 72,355-sf Northern Corporate Center, vacant for nearly two months, has snagged a 38,000-sf tenant practically as soon as the ink dried on the acquisition papers. Northern Corporate LLC, headed by Doug Dragoo, president of Paragon Properties Ltd., paid $5.95 million for the class A property.

Dragoo tells GlobeSt.com that Health Services Advisory Group will move into the building in May, shortly after renovations wrap up. “It’s a very well located office building. It’s a great location, great building,” he says. “It just needs a little tender loving care.” That care is coming in the form of new landscaping, new facade and a lobby makeover. The two-story office building is being retrofitted for multi-tenant use.

Trammell Crow Co.’s Barry Gabel, principal, and Mindy North, senior vice president, represented the seller, Bank One Arizona NA in the disposition, part of the nationwide unloading of surplus property associated with the Nations Bank merger. Gabel says the Phoenix team has a couple other properties on Bank One’s “to go” list. But Northern Corporate Center, located at 1600 E. Northern Ave., was the premier building in the lot.