EverWest Sells Great American Tower to DPC Companies

greatamericantower_450x250Disposition underscores continued strength of Central Phoenix’s Midtown office submarket

PHOENIX, ARIZONA – EverWest Real Estate Partners and American Realty Advisors have completed the disposition of the Great American Tower, a landmark high-rise office building at 3200 N. Central Ave., in the heart of Phoenix’s Midtown office submarket.

Great American Tower, acquired in 2007, has been recapitalized and improved with a series of upgrades that, among other things, have earned the building an ENERGY STAR® ranking of 97 and a “Kilowatt Krackdown” award from the Phoenix Building Owners and Managers Association (BOMA) Green Building Committee.

Chris Toci, Chad Littell and Larry Downey of Cushman and Wakefield represented EverWest and American Realty Advisors in the sale. The new property owner is Colorado-based DPC Companies, a privately held commercial real estate firm specializing in the acquisition and development of commercial real estate in the West.

“This is an exciting time to own and operate office space in the Central Avenue corridor,” said Amr Ceran, Senior Director for EverWest. “Tenant interest is strong, and there is still solid upside potential for landmark properties like Great American Tower.”

“The Central Phoenix/Midtown office submarket is being transformed by the addition of over 4,000 multifamily units either under construction, planned or proposed,” added Toci. “In addition, large-scale expansions of two significant healthcare firms – Dignity Health and Banner Health Systems – have begun to dominate the submarket with 337,000 square feet of leasing during the previous 18 months.”

Built in 1985, Great American Tower is a 24-story, Class A high-rise office building totaling 344,527 square feet, with average building floorplates of 15,000 square feet. The property sits on 2.6 acres at the high-profile intersection of Osborn Road and North Central Avenue. It is currently 86 percent leased to a diverse tenant roll including Dignity Health as well as legal, finance, engineering and government entities.

Great American Tower sits adjacent to the 39-acre Park Central Mall and across the street from the One Lexington condominium high-rise. The Edison Midtown urban condominium project is under construction across the street.

EverWest Real Estate Partners, LLC is a Denver-based leading private real estate investment manager and operator who invests in core, value-add and opportunistic investments in office, industrial, multi-family, retail and mezzanine debt investments. EverWest serves a variety of clients that include major institutional investment managers, pension plans, foundations, endowments and high-net-worth individuals. EverWest provides a full-service investment management operating platform through its five regional offices with established acquisition, asset takeover, asset management, property management, financing, operations, risk management, advisory and reporting capabilities to its clients. EverWest has regional offices in Boston, Chicago, San Francisco, Los Angeles and Phoenix.

With over $8.0 billion in assets under management, American Realty Advisors is a leading provider of commercial real estate investment management services. For over 28 years, American has managed capital for institutional investors utilizing core and value-added commingled funds and separate accounts. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt, and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties.

For more information on EverWest investment and development opportunities, visit www.EverWest.com or call EverWest Senior Director Amr Ceran at 602.875.6255.