PHOENIX — Parallel Capital Partners has acquired One North Central, a 410,000-square-foot office tower in Phoenix, for $93.7 million. The Class A tower is located at 201 North Central Ave.
Parallel Capital plans to invest more than $1.5 million to renovate and upgrade the property. This will include lobby modernizations, common-area upgrades, a new tenant lounge and spec suites.
The tower was originally built in 2001. It has LEED-Silver certification.
One North Central is currently 95 percent leased. Notable tenants include Ryley, Carlock and Applewhite, Arizona Summit Law School, Comerica Bank and the Bureau of Land Management.
Parallel represented itself in the transaction. The seller was represented by Eastdil Secured. Parallel currently maintains a portfolio of 1.2 million square feet of office and retail space in Phoenix, including the City Square and Midtown regions.