The Phoenix office of Jones Lang LaSalle completed a 25,678 SF, 5-year office lease at Black Canyon Corporate Center in Phoenix.
The expansion doubles the size of tenant TeleTech Holdings, Inc., a leading global provider of technology enabled customer experience solutions that operates a call center for subsidiary company, Revana, out of the Black Canyon Corporate Center space.
Managing Directors John Bonnell and Don Mudd, and Vice President Brett Abramson, in the Phoenix office of Jones LaSalle represented the building owner, Parallel Capital Partners. TeleTech was represented by CBRE brokers Chris Hook in Phoenix and Lee Diamond in Denver.
Located at 16404 N. Black Canyon Highway in Phoenix, the 219,000 SF Black Canyon Corporate Center sits between Greenway and Bell roads, with direct frontage to Interstate 17. The property is also less than two miles from the I-17/Loop 101 interchange and has more than 2.5 MSF of retail within a two-mile radius. Property signage is visible from I-17.
“We’ve seen a significant uptick this year in tenant interest across the Phoenix office market, with no signs of falling off,” Bonnell said. “This kind of consistent pressure can quickly drive vacancies down and rents up, and provide some long-awaited relief.”
According to the Jones Lang LaSalle Mid-Year Office Market Overview, overall direct office market vacancy continued to fall from 26.1% down to 25.3% during the second quarter. With no new office completions happening, Phoenix net absorption for the second quarter 2012 hit almost 600,000 SF.
“This compares very favorably to the negative 565,000 square feet of absorption experienced during first quarter 2012,” said Bonnell. “TeleTech moved on a great expansion opportunity, at a property that’s well suited for its call center needs, at a very good time in the market cycle.”
A real estate investment and operating firm that focuses on office, industrial and retail property acquisition, Parallel Capital Partners owns Black Canyon Corporate Center, as well as the City Square Office Towers (722,000 RSF in three buildings; located in Phoenix’s Midtown submarket) and US Bank Center building (364,773 RSF at 101 North in the heart of Downtown Phoenix.) Bonnell, Mudd and Abramson are the exclusive leasing brokers for all three buildings.
Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing 344 of the area’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services.