Funding of unique office tower offers tenants opportunities in bustling downtown market
PHOENIX, Arizona —The Davies Group at Los Angeles-based George Smith Partners, a leading commercial real estate capital markets advisor, announced today that it has secured a $25.5 million in non-recourse, interest-only, bridge financing for Vancouver, Canada-based Townline’s ’ acquisition of 2600 N. Central Ave., a Class A office building in Midtown Phoenix. The 20-story office building was built in 1982 and features 323,607-square-feet of space with an adjacent parking garage.
George Smith Partners’ Principal and Managing Director Malcolm Davies, along with other Davies Group members, Senior Vice Presidents Evan Kinne, Zachary Streit and Ed Steffelin; Vice Presidents Alexander Rossinsky and Rachel Lewis; and Vice Presidents Aiden Moran and Max Shedlosky, sourced the financing on behalf of Townline.
“Townline will renovate and reposition this asset, which will provide great value-add features and amenities for tenants in this booming area, where vacancy has been declining due to limited supply coupled with increasing demand from employers moving into this business-friendly area,” said Davies.
Townline’s plan in acquiring 2600 N. Central Ave. includes creating a unique lifestyle-focused office tower by re-envisioning and renovating the building lobby, common areas and landscape architecture in a style that’s modern, relevant, welcoming and timeless. Other additions include a food/social focused amenity, co-working common space and an exercise facility.
“Part of closing this deal meant familiarizing the lender with Townline’s proven expertise in other markets and its ability to execute on its business plan for this asset,” said Kinne.
Townline acquired the building in June 2019 for $30.75 million and expects to complete renovations in the fourth quarter of 2020.