Lincoln Property Sells Historic Luhrs Building for $14M

Lincoln Property Co. sold the historic, 108,000-square-foot Luhrs Building to PEG Companies, a Provo, UT-based buyer, and A.G. Hill Partners of Dallas. The 14-story building at 11 W. Jefferson St. in Phoenix, sold for $14 million. The new owner is planning to renovate 92,000 square feet of the space into an upscale hotel.

Located at 11 W. Jefferson St., the Luhrs Building delivered in 1924 as Phoenix’s first 10-story high-rise. The building sits within a Qualified Opportunity Zone (QOZ), making the Luhrs Building conversion one of the first QOZ projects in the Phoenix area to start construction.

The building is part of the Luhrs City Center, which includes a six-story parking garage, the 14-story Luhrs Tower office building and 15,995 square feet of ground-floor retail space. LPC will retain control of the balance of Luhrs City Center, which it had acquired in late 2015 with partner Invesco.

For comments, questions or concerns, please contact Amy Sorter