Transwestern has secured a lease renewal and 40% expansion for Phoenix Health Plan’s corporate headquarters space in the Catalina Terraces complex, 7878 N. 16th St.
In the long-term renewal, Phoenix Health Plan has leased an additional 19,000 SF to accommodate new personnel for two of its medical plans: Phoenix Health Plan and Abrazo Advantage Health Plan. With a total of 64,000 feet of space, it is the largest tenant in the building.
“We were thrilled to assist Phoenix Health Plan in securing additional space to accommodate their growth,” said Kate Morris, senior vice president at Transwestern. “This is a centrally located building that offers an easy commute for employees who live throughout the Phoenix metropolitan area. And by restructuring the Health Plan’s current lease, they were able to take advantage of favorable economic terms.”
Phoenix Health Plan was represented by Morris and Vince Femiano, vice president, both of whom are based in Transwestern’s Phoenix office. The Catalina Terraces owner, Santa Fe, N.M.-based Rosemont Realty, was represented by Phil Breidenbach and Keith Lambeth of Colliers International.
Built in 1990 and renovated in 2002, the 3-story Catalina Terraces structure is located at the top of 16th St. and Northern. It offers amenities including the Point Hilton Resort and several restaurants. With easy access to Downtown Phoenix and the Squaw Peak Parkway, Catalina Terraces is minutes from the Camelback Corridor. In 2006, the building was awarded an ENERGY STAR® Label for its operating efficiency.