Historic Luhrs Building Sells for $44M

Hansji Corp. struck a deal with Lincoln Property Co. and Invesco Ltd. to sell the historic Luhrs City Center office buildings in downtown Phoenix. Lincoln and Invesco paid $44 million for the two buildings, Luhrs Building and Luhrs Tower, which are at 11 W. Jefferson, near Central Avenue and Jefferson Street.

The buyers plan to make improvements to the buildings, which total 140,000 sf and were completed before the Great Depression. Hansji had already invested $10 million in the properties, which have historic designations. The Luhrs buildings are currently 85% occupied, and plans call for development of more restaurant and creative space.

Newmark Grubb Knight Frank’s Jerry Jacobs and Erik Marsh represented Hansji. Newmark brokers will also handle leasing activities.