Scottsdale Quarter, the 28-acre, mixed-use shopping, dining and entertainment center, has reached full occupancy of its office space with the addition of Balboa Capital Corporation, a leading equipment leasing and financing company in the U.S.
Scottsdale Quarter is also home to 18 office tenants with more than 1,000 employees. The open-air center’s largest office tenants include Starwood Hotels & Resorts; Maracay Homes, a Weyerhaeuser subsidiary; iCrossing, a division of Hearst Media; and Superior Home Services.
“Reaching full occupancy is a significant milestone in this still soft, but improving, market,” said Marshall Loeb, President and COO for Glimcher Realty Trust.
“Scottsdale Quarter’s mix of distinct, first-to-market retailers and restaurants was an added incentive for potential office tenants,” Loeb said.
In comparison, the Phoenix office market witnessed a 75.6% occupancy rate in 3Q 2012.
Since breaking ground in 2007, the office leasing at Scottsdale Quarter has been handled by the CBRE team of Jerry Noble, Pat Devine, Greg Mayer and Katie Kelley.
“Scottsdale Quarter delivered into a tough economic climate, but quickly outpaced other projects that delivered at the same time,” Noble said. “Its contemporary urban design and amenity-rich environment are unique to this market and distinguish the property from its competition.”