PHOENIX—Expanding its Phoenix area footprint, San Diego-based Parallel Capital Partners announced it has acquired One North Central—a 20-story, trophy office building in downtown Phoenix—for $93.75 million. The 410,000-square-foot class A, LEED Silver, Energy Star-rated tower was acquired from One North Central LLC. Eastdil Secured represented the seller and Parallel represented itself in the deal.

Parallel Capital Partners will invest more than $1.5 million to renovate and upgrade the landmark property – including lobby modernizations, common area upgrades, a new tenant lounge and spec suites. Located on 1.27 acres, the tower was originally constructed in 2001 by Ryan Companies.

According to Matt Root, CEO of Parallel Capital Partners, this latest acquisition furthers his firm's core mission of acquiring best of class assets in key western markets. “This was a highly attractive investment for us,” he says. “Downtown Phoenix has consistently performed and remains one of the region's preeminent class A markets. Additionally, Phoenix is a hub for cultural and arts institutions, higher education, major league sports, with diverse residential options , as well as being one of the fastest growing cities in the nation and home to six Fortune 500 companies.”