San Diego-based Parallel Capital Partners Leases More than 161,000 Square Feet of Commercial Space in Downtown Phoenix
Parallel Signs Four New Leases at Phoenix's One North Central.
- San Diego, CA (1888PressRelease) July 25, 2017 - Parallel Capital Partners, Inc. announced today it has signed four new leases at One North Central – a 20-story office tower in downtown Phoenix – including one for nearly 150,000 square feet that will house the Arizona offices of Quicken Loans. The Detroit- based lending giant will occupy six floors at One North Central and embark on a major renovation of the space.
According to Matt Root, CEO of Parallel Capital Partners, a San Diego-based real estate investment firm, with these latest transactions One North Central is now more than 93 percent leased. Joining Quicken in the Class A office building at One North Central Ave. will be Live Nation, the Beverly Hills-based events and entertainment company, and Coleman & Finch, a new gastropub concept on the corner of Washington and 1st Street. Additionally, Urban Eye Care has leased 1,528 square feet for 121 months to introduce downtown Phoenix’s first full-service optical center.
“We are thrilled with these latest additions to the tenant mix at the property,” said Root. “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.”
Specifics of the deals include:
· A leader in the mortgage lending industry, Quicken has offices in Detroit and Cleveland and relocated its Arizona offices from Scottsdale to One North Central. The lease is for 128 months. Jerry Roberts and Patrick Boyle of CBRE represented Parallel, and David Friedman of Friedman Integrated Real Estate Solutions represented the tenant in the transaction.
· Live Nation Entertainment Inc., a global entertainment company, will have 16 employees in its One North Central offices, occupying 6,573 square feet over its 66-month term lease. Jerry Roberts and Patrick Boyle of CBRE represented Parallel, and Daniel Dobric of Newmark Knight Frank represented the tenant in the transaction.
· Coleman & Finch is targeting a November opening for its One North Gastropub on the ground floor. The 120-month lease is for 3,650 square feet. Ryan Leavitt of Cushman & Wakefield represented Parallel, and CBRE represented the tenant in the transaction.
Parallel acquired One North Central – a 20-story, trophy office building in downtown Phoenix – in 2015. The 410,000-square-foot Class A, LEED Silver, Energy Star-rated tower also houses tenants including Ryley Carlock & Applewhite and Renaud Cook Drury Mesaros, PA. Parallel has spent just under $1 million in renovations adding a new business lounge, garage automation system, elevator upgrades and modernization of the Energy Management System, and they are currently working on a $400,000 lobby renovation.
Headquartered in San Diego, Parallel has maintained an active presence in the Phoenix region since 2005 and currently owns 2.3 million square feet of Phoenix office and retail space including the iconic Arizona Center – now in the midst of a $25 million renovation – as well as City Square in the midtown area and Kierland Corporate Center II located in Scottsdale.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a real estate investment and operating firm that focuses on office, industrial and retail property acquisition in markets in the western U.S. and Hawaii. The company identifies opportunities where assets are undervalued and uses restructuring, capital improvements and superior leasing and management to turn value-added opportunities into core properties.
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