Luhrs Center Set to Make History Again

PHOENIX—The purchase of the historic Luhrs City Center for $44 million is the latest example of the upswing taking place in downtown Phoenix commercial space and a sign of the investor confidence that is anticipated to continue. The acquisition by Lincoln Property Company and Invesco Ltd. is the second largest building sale in downtown Phoenix this year.

The buyers are focused on improving the street-level experience, with streetscapes and restaurant tenants that will add to downtown’s now booming bar/restaurant market. The joint venture will next initiate a multi-million-dollar renovation that will evolve the landmark into a mixed-use blend of creative office space, ground floor restaurants and retail. The effort will be part of a downtown resurgence that includes an active office market, thriving restaurants, sports venues and the early-2017 delivery of a directly adjacent, 19-story 320-room, dual branded Marriott Residence Inn and Courtyard hotel tower.