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Self-Storage Operator U-Haul International Acquires 25-Story Office Building in Phoenix for New HeadquartersSelf-Storage Operator U-Haul International Acquires 25-Story Office Building in Phoenix for New Headquarters
ISS Staff
December 10, 2024
3 Min Read
U-Haul International, one of the self-storage industry’s largest facility operators, has acquired a 25-story office building in Phoenix to serve as a new headquarters for the company and its subsidiaries. Previously known as The Century Tower, it was purchased from an entity controlled by Bank of America for $23.7 million. It has been renamed as U-Haul Tower, according to a press release.
The building at 20 E. Thomas Road comprises 548,938 square feet and was foreclosed on during the summer, several months after more than two thirds of its occupant leases expired. U-Haul intends to occupy most of the space and transition team members from other nearby properties it owns over the next 24 months. It’ll continue to lease approximately 16% of the office to existing tenants, the release stated.
“Our eventual move to the tallest building in Midtown Phoenix is both symbolic and substantive. It reflects the position our team has built as an industry and community leader over the past eight decades,” said Sam Shoen, vice chair of U-Haul Holding Co. “For the past 57 years, U-Haul has been headquartered in Midtown Phoenix. As we look out to the decades to come, The U-Haul Tower will be home to the premier workforce in the Valley.”
The tower is part of a 10.5-acre mixed-use development containing 1.5 million square feet of office space, 30,500 square feet of retail, a 242-room Embassy Suites hotel and an 11-story parking garage. The sale also included a 1.1-acre parcel at 49 E. Thomas Road for additional parking, the release stated.
As one of Phoenix’s largest employers, U-Haul has 1,600 team members in the city and more than 34,000 across North America. Its midtown campus, which includes numerous properties lining Roanoke Avenue between 3rd Street and Central Avenue, has grown extensively over the last decade, the release stated.
“I vividly recall when my father relocated U-Haul to Phoenix in 1967,” said Joe Shoen, chairman of U-Haul Holding Co. “While our operation was smaller then, our team had a long-term vision for the future. Today, we remain a family-owned and -operated company. This acquisition will help us build on our efficiency at the home office so that we can better support our field teams serving the mobility and storage needs of North America.”
The seller was represented by managing director Mike Coover, executive managing director Chris Toci and vice chairman Eric Wichterman of Cushman & Wakefield, a global commercial real estate firm. Managing director Pat Boyle and executive managing director Jerry Roberts of Cushman provided leasing advisory. U-Haul was represented in the transaction by Ryan Eustice of Kidder Mathews, a Phoenix-based commercial real estate firm.
Established in 1945, Phoenix-based U-Haul owns and manages more than 1,500 self-storage facilities comprising approximately 68.7 million square feet across North America. It also operates more than 23,000 truck-rental locations across 50 states and 10 Canadian provinces.
Sources:
REBusiness Online, U-Haul International Buys 548,938 SF Office Tower in Midtown Phoenix for Corporate Headquarters
U-Haul, U-Haul Purchases Phoenix’s 3rd Tallest Skyscraper for New Headquarters
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