Thursday, May 12, 2011
Pacific Office Properties Recapitalizes City Square; Enters Joint Venture to Support Midtown Phoenix Landmark
PHOENIX, AZ (May12, 2011) - Pacific Office Properties Trust, Inc. (NYSE Amex: PCE) has renewed its long-standing investment in Phoenix with the recapitalization of City Square (top left rendering), a collection of three Class A office towers in the midtown submarket, and one of the city’s largest and most prominent mixed-use projects.
As part of the recapitalization, Pacific Office Properties has partnered in joint venture with Angelo, Gordon & Co., a privately held investment manager with approximately $23 billion of assets under management. Together, the partners have initiated more than a dozen joint ventures and more than $950 million in total acquisitions.
Jones Lang LaSalle Managing Director John Bonnell and Vice President Brett Abramson in Phoenix are the exclusive leasing brokers.
“We have owned property in Phoenix for many years and are confident about the market’s recovery, as well as the long-term growth and viability of the Central Business District,” said Pacific Office Properties Senior Vice President Brigham Black.
“Managing and maintaining City Square as a local real estate landmark is a high priority for our company. The recapitalization of this property provides us the continuity of resources to make that happen.”
City Square is part of 1.2 million square feet of Phoenix office space owned and managed by Pacific Office Properties. The 722,000-square-foot project is located at 3800, 3838 and 4000 N. Central Avenue in Phoenix, just south of Indian School Road and along the Phoenix Light Rail line.
Amenities include a 156-room Hilton Garden Inn, 35,000-square-foot Sports Club at City Square, conferencing facility, barbershop, restaurants, dry cleaner, on-site day care and on-site banking. It also provides 24-hour guard service and management and engineering on site.
For more information, contact Brigham Black at (858) 882-9510 or firstname.lastname@example.org , or John Bonnell at (602) 282-2656 or email@example.com
Media Contact: Stacey Hershauer, focusAZ, Marketing & Public Relations
(480) 600-0195, firstname.lastname@example.org