Parallel Capital Bets Big in Downtown Phoenix
Parallel Capital Partners CEO Matt Root tells us that Downtown Phoenix is finally catching up with some of the better downtowns America has to offer. "The 18-hour city is emerging in Phoenix and continued urbanization will be a catalyst for Downtown and a major driver of real estate values," he says. This week SoCal-based Parallel Capital expanded its Phoenix-area footprint with the acquisition of the 410k SF One North Central in Downtown Phoenix for more than $93M.
As a major landlord in Phoenix, Matt says, the most important thing Parallel Capital can do to drive rents is to provide a tenant experience that's attractive to both Baby Boomers (traditional office users—there are still a lot of them) and Millennials (creative office aspirants) who are shaping American economic geography. "In terms of creating value for our investment, the right urban mix bolsters occupancy, density raises values, and vibrancy attracts investment capital," he says.