Fitch Report: Collier Center in Downtown Phoenix
Excerpt: The third largest contributor to Fitch modeled losses is the Collier Center loan (11.3%), the largest loan in the pool, which is secured by the leasehold interest in a 24-story, 567,163 sf office tower located in downtown Phoenix, AZ.
Fitch reports the drop in tenancy can be attributed to the loss of the property’s second largest tenant back in 2011/2012. “However, lease rollover risk remains a concern as nearly 10% rolls before the end of 2014, 2% in 2015, 6% in 2016, and 9% in 2017.”
Editor’s Note: I’ll venture that RED Development would welcome a large tenant about right now.
201 E Washington St, Phoenix AZ 85004