$77.5 Million Non-Performing Office Loan
US - Washington, DC
€71,314,000 | 28,508 m²
Jones Lang LaSalle has been retained as the Exclusive Agent for Seller to extend qualified principals the opportunity to acquire a fee simple interest in Luhrs Tower (the “Property”). Located at 11-45 West Jefferson Street, Phoenix, Arizona, the Property consists of 67,144 SF of office and retail split among the Luhrs Tower (45,626 SF), the Luhrs Arcade (21,517 SF) and a 6-story parking garage. The Luhrs Tower, built in 1929, is a historic 14-story office tower leased to a diverse mix of well-known office and retail tenants. The adjacent 6-story parking structure offers 476 parking stalls and the ability to increase revenue exponentially through system automation. Daily parking options are increasingly in higher demand in Downtown Phoenix with retail, restaurants, concerts, and sporting events re-surging and surpassing pre-pandemic levels along with the adjacent court system resuming in person activities. Additionally, the Property offers the potential development of a residential or office tower with a maximum height of 490 feet.
The Property is situated adjacent to CityScape Phoenix, a 1.2M SF mixed-use destination with exciting retail and apartments, steps away from the Phoenix Suns Arena (Footprint Center), and seconds from the Arizona Diamondbacks Stadium (Chase Field), Luhrs Tower is at the epicenter of Vibrant downtown Phoenix. Within 1.5 miles of the Property, there are over 10,850 residential units and 2.4M SF of retail.