Tuesday, May 29, 2012

US Bank Tower Reverts to Beneficiary

VIZZDA--May 29th, 2012 -- The US BANK CENTER—a 31-story office tower at 101 N. 1st Avenue in Phoenix—has reverted to beneficiary following a trustee’s auction on Friday, May 25. The tower contains 372,606 SF of rentable office space, ground floor retail, and includes a 6-story parking garage one block north at 21 W Van Buren St. 
The Tower was previously acquired from the foreclosing beneficiary by Pacific Office Properties Trust—a part of the Shidler Group—headed by CEO Jim Ingebritsen in May 2006 for $43.725M or $117.35/SF with $9.45M down and $27M debt with Column Financial. This debt was increased to $56.8M on December 28th, 2006 and then sold to CBRE. 
 Angelo Gordon & Co. of  New York bought the note on January 25th, 2012 and initiated the foreclosure process with a notice of trustee sale issued Feb 16. Beneficiary and trustor have reportedly partnered in over a dozen joint ventures, including the City Square Office Towers (722K SF) in Phoenix.

Edward Moore
Research Analyst
(480) 444-8436

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