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Lending giant Quicken Loans inked a lease for nearly 150K SF at the 20-story One North Central office tower in Downtown Phoenix. The Detroit-based company will move its Phoenix offices to the 401K SF building from Scottsdale, and will undertake a major renovation of its new space.
The Quicken Loans lease was not the only one signed recently at the property, just the largest one by far. Joining Quicken will be SoCal-based Live Nation, the entertainment company, and Coleman & Finch, a new gastropub concept on the corner of Washington and First Street. Also, Urban Eye Care leased 1,500 SF in the building to set up a full-service optical center.
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According to Parallel Capital Partners, a San Diego-based real estate investment firm that owns the property, the latest transactions bring One North Central to more than 93% leased.
"We're approaching the fully leased mark — a good indicator about the tempo of the Phoenix market,” Parallel CEO Matt Root said.
Parallel acquired the LEED Silver property in 2015, and spent about $1M adding a new business lounge, a garage automation system, elevator upgrades and in modernizing the building's energy management system. Other tenants include Ryley Carlock & Applewhite and Renaud Cook Drury Mesaros PA.
Parallel has had a presence in greater Phoenix since 2005, and owns 2.3M SF of Phoenix office and retail space, including the Arizona Center — now in the midst of a $25M renovation — as well as City Square in Midtown and Kierland Corporate Center II in Scottsdale.
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