The Voit Real Estate Services Phoenix office successfully directed the new, 10-year, $5.9M lease of a 35,239 SF office building in Scottsdale on behalf of the lessor, JPMCC 2007-CIBC19 Shea Boulevard.
LNR Property Corporation (LNR) acted as the lessor’s trustee in the transaction. The lessee, Vision Offices Executive Suites, L.P., will operate the property as executive suites, according to Troy Nelson a Vice President in Voit’s Phoenix office.
Troy Nelson and Scott Nelson worked with Tom Richards and Darren Tappen of Voit’s Phoenix office to represent LNR in the transaction.
“This transaction was a win-win for the landlord and tenant,” Scott Nelson said. “Our team was successful in identifying a quality tenant and securing a long-term lease for LNR, while Vision Office Executive Suites will have the opportunity to take advantage of the current activity in the market through its executive suite operations.”
Nelson notes that while the Phoenix market has always been attractive to businesses of all sizes, activity among smaller tenants in particular has increased in recent months.
“As the market continues to improve, we will see more start-up companies emerge, fueling the need for executive suites,” he says.
The lessee, Vision Offices Executive Suites, is a Scottsdale-based company that offers flexible office space solutions, including fully furnished executive suites, flex-tech suites and virtual office packages.
The property is at 9375 E. Shea Blvd.