Cushman & Wakefield of Arizona negotiated a 55,600 SF lease of office space at Chandler Freeway Crossing, 2650 W. Geronimo Place, Chandler, for ASML, US, Inc., a provider of lithography systems for the semiconductor industry.
The company will utilize the space for sales and service of semiconductor related equipment and as corporate office space. Currently located at 8555 S. River Parkway in Tempe, this marks a corporate relocation for ASML. The company signed a six-year term at the new facility in a lease valued at $4.5M. ASML plans to take occupancy of the space at Chandler Freeway Crossing in March, 2013.
“The leasing activity at Chandler Freeway Crossing is at levels we have not experienced since pre-recession 2007”, said Mark Detmer, Executive Director at Cushman and Wakefield. “We have proposals out on the last remaining space and look forward to working with Mark IV Capital on the planning and delivery of the next phase of the park in 2013.”
Chandler Freeway Crossing is a 40-acre business park located at the Loop 101 and Freeway 202 in Chandler. The first phase of the park consists of two 42,000-square-foot buildings, each expandable to 84,000 SF. Mark IV Capital of Newport Beach, California is the owner and operator of the business park.
“We are excited to have the quality tenancy ASML brings to Chandler Freeway Crossing” said Paul Cate, President of Mark IV Capital, “ASML’s corporate culture and commitment to innovation, align well with the principals of Mark IV Capital.” ASML will join Smart Modular within Chandler Freeway Crossing, complementing the high tech nature of the tenants in the park.
Mark Detmer, Dave Seeger, Bo Mills, Karsten Peterson, Mark Gustin and Jackie Orcutt of Cushman & Wakefield of Arizona, Inc. serve as exclusive leasing agents for Chandler Freeway Crossing and represented the landlord in this lease negotiation. Jason Malcolm of CRESA Partners represented the tenant.