This nine story office building is located in downtown Phoenix. In the fourth quarter of 1996 the seller was under great pressure to remove the property from its books before the year end. Amerimar and Angelo, Gordon & Co. had the wherewithal to complete the transaction in an extremely tight timeframe and thus was able to acquire the building and an affiliated piece of vacant land for the comparatively low price of $18 per square foot. Amerimar realized that it had met the seller's primary objective by closing before year end and that it had acquired the property at a significant discount to market value. Thus, in the first quarter of 1997 Amerimar sold the building and the affiliated land for a significant profit.