101 North First Avenue is an extremely well-located high-rise office building in the heart of Downtown Phoenix. The second tallest building in Arizona, 101 North was home to the Arizona Bank, and subsequently to the Bank of America (66% of the building) at the time of purchase. Knowing the Bank was slated to downsize and move to new construction after 25 years of occupancy, plans to reposition and redevelop the property were soon underway.

Since there are few alternatives for efficient, Class B office space in downtown Phoenix, an affiliate of Amerimar started work on a $3,900,000 renovation. The $3,900,000 renovation and improvement program included major changes to the buildings’ street scape, common areas, main lobby, multi-tenant corridors and restrooms. The Amerimar affiliate re-let the building to a variety of tenants.

The building has a 6-level, 489 space parking garage, two new restaurants, a common, recently constructed break room and elevated outdoor patio and a well-equipped conference facility for tenant use. On December 31, 2002, the Amerimar affiliate purchased a seven-story parking garage with ground floor retail located one-half block north of the 101 North Tower. The additional parking on the southeast corner of North First Avenue and Van Buren gives 101 North First Avenue a competitive advantage by increasing the Office Building’s parking ratio to three parking spaces per one thousand square feet. In 2006 the property was sold for a significant profit.