Two Arizona Center
Photo courtesy of Parallel Capital Partners

Two Arizona Center Photo courtesy of Parallel Capital Partners

San Diego-based Parallel Capital Partners has acquired a 20-story office tower in downtown Phoenix for an undisclosed price.

The more than450,000 square-foot tower, Two Arizona Center, is fully leased to Arizona Public Service Company.

The seller was Angelo, Gordon and Co.

Built in 1989, the building is one of two office towers within Arizona Center, a 16-acre project undergoing a $25 million renovation.

Angelo Gordon and Parallel represented themselves in the transaction.