Commercial Real Estate & Business News – October 3, 2016

Everyone knows that San Francisco has boasted the most startup exits, launches, pivots, and success stories of any city in the world. Their stance as the biggest tech hub is never contested or even argued in any circle of knowledgable individuals. But the race for second place is a lot more heated than one might think. And while cities like Chicago, Boston, Austin, Los Angeles, and DC continue to make strides, one dark horse has been slowly churning out quality and quantity without anyone realizing…»

The list was ranked by total square feet. Chase Tower, a downtown Phoenix structure with 723,992 square feet, has topped the list for three years. In second place in this year is a brand new building, Building B of the Marina Heights development on Tempe Town Lake, with 16 stories and 584,507 square feet. Third on the list is the CityScape office tower, with 27 stories and 561,592 square feet…»

Pivotal Group in Phoenix (Francis Najafi, CEO) is working on a value-add investment to buy almost 1 million sq. ft. of office space in the Renaissance Square towers located in downtown Phoenix. Sources say the private equity real estate investment company has agreed to pay just under $165 million ($170 per foot) to purchase the two-building, 968,790-square-foot office plaza. The project is comprised of the 25-story, 494,004-square-foot One Renaissance Square at 2 N. Central Avenue and the 28-story, 474,786-square-foot Two Renaissance Square located at 40 N. Central Avenue.…»

Aukum Management LLC in Larkspur, Calif. (Jason Fuchs, Linton Young, principals) has completed the purchase of its third Valley multi-family project by paying $46 million ($159,722 per unit) to buy the 288-unit Cantera apartments located at 2475 W. Pecos Road in Chandler. The seller was Cantera on Pecos Road LLC, a company formed by RockWood Capital LLC…»

Terry Goddard is seeing some light at the end of tunnel in his years-long effort to save and redevelop the historic First Baptist Church in downtown Phoenix. The Italian gothic style church at Third Avenue and Monroe Street was built in 1929 and is on the National Register of Historic Places…»