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Hines Fund to Pay $272.9M for Renaissance Square in Phoenix

The Paul Corp. Selling Twin Office Towers for $280 Per SF
December 12, 2007
The Renaissance Square high-rise complex in downtown Phoenix is under contract to trade to an indirect subsidiary of Hines-Sumisei U.S. Core Office Fund LP for $272.9 million, or more than $280 per square foot, according to documents filed with the SEC last month.

The 965,500-square-foot property, comprised of two office towers of 26 and 28 stories, is 95 percent leased with a tenant roster dominated by law firms including Bryan Cave LLP, Quarles & Brady LLP, Squire, Sanders & Dempsey LLP and Lewis and Roca LLP, according to CoStar information.

The property was developed in the late 1980s by Trammell Crow Co. and sits at 2 and 40 N. Central Ave., a few blocks east of City Hall. It includes six levels of underground parking and a computerized energy management system.

The seller, Colorado-based The Pauls Corp., acquired the complex from Maguire Properties in 2005.

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