Great American Tower
Phoenix, AZ

In May of 2004, Germany based Blue Capital Investments, Inc. invited Cannon to come in as the local operator for the Great American Tower building, located in Phoenix, Arizona. Great American Tower is a 513,000 square foot Class A office building located along Central Avenue in the Midtown submarket of Phoenix.

At that time, occupancy had dropped to 60% and was continuing to fall with multiple tenants scheduled to move out. Upon taking over the property, Cannon immediately brought in a strong on-site management team in the building to manage its day-to-day operations. In addition, Cannon hired a new leasing team to turn around the building in the market.

In just 23 months, Cannon had stabilized the building’s operations, substantially improved tenant retention, improved Great American Tower’s presence in the market, and raised the occupancy level to 83% in a very competitive market. In 2006, Great American Tower was successfully sold at a premium price.