CBRE negotiated a 57,784 SF lease at Raintree Corporate Center, in a Class A office building at 8800 E. Raintree Dr. in Scottsdale.
Meritage Homes will move its corporate headquarters from office space near the SEC of 85th St. and Perimeter Dr. to Raintree Corporate Center early next year.
Brad Anderson, Bryan Taute and Michael Strittmatter of CBRE’s Phoenix office represented the landlord, iStar Financial, Inc. of New York in negotiating the long-term lease agreement. The tenant was represented by Tom Adelson, also in CBRE’s Phoenix office. The exact terms of the transaction were not disclosed.
Headquartered in Scottsdale, Meritage Homes is the ninth-largest public homebuilder in the U.S. based on homes closed in 2011. Meritage builds a variety of homes across the Southern and Western states to appeal to a wide range of buyers, including first-time, move-up, luxury and active adults.
“We are extremely pleased to have such a strong, locally-based group in Meritage Homes join our fantastic project, and look forward to watching them grow throughout the country in the years to come,” said David Sotolov, senior vice president at iStar.
Raintree Corporate Center is located just off the Loop 101 and Raintree Drive, and surrounded by a rich amenity base of resorts, hotels, restaurants, retail and golf courses. The property’s corporate environment includes prominent freeway signage, expansive common areas with upgraded finishes and dramatic mountain views.
The addition of Meritage Homes brings the building to nearly 90% leased.