Office Archives

Trends to watch in 5 commercial real estate markets

Phoenix

It’s that time of year again when commercial real estate firms analyze market activity based on numbers and reports from the first two quarters of the year, and predict how that will impact the rest of 2016 through next year. Experts in their respective markets weighed in on the findings from quarter two reports in… Read More →

CBRE negotiates $40.4M sale of Four Gateway

Phoenix offices
by in AZRE Magazine | Brokerage | Office

VanTrust Real Estate, LLC sold a single-tenant office building, occupied by American retail and health care company CVS Health, for $40.4 million, or approximately $293 per square foot. The building, Four Gateway, is located at 444 N. 44th Street in Phoenix. The buyer is Crown Realty & Development. Jim Fijan and Will Mast of CBRE… Read More →

Tucson Raytheon Missile Systems flex building sells for $10.5M

Raytheon Missile Systems
by in AZRE Magazine | Office

Lee & Associates facilitated the sale of a 72,000-square-foot former Raytheon Missile Systems flex office building at 3360 E. Hemisphere Loop, Building M10, Tucson for $10,500,000. Price-per-square-foot was calculated at $145.83. Lee Principals Jerry Marrell and Dave Johnson negotiated on behalf of DCG IV, LLC, a Seattle-based investment firm. Lee Principal Pete Batschelet procured the buyer, 3360… Read More →

Pharma firm leases 30KSF in Scottsdale

7400 E. Tierra Buena Ln.
by in AZRE Magazine | Office

Cushman & Wakefield announced today that West Pharmaceutical Services, Inc. leased approximately 30,500 square feet (SF) at 7400 E. Tierra Buena Lane in Scottsdale, Ariz. Cushman & Wakefield Executive Director Jim Wilson represented the tenant in the lease negotiations. The landlord, GH Scottsdale I, L.L.C. in partnership with Hewson Development Corporation, was represented by Mark Linsalata… Read More →

The Money Source leases offices, plans to hire 250

The Money Source
by in AZRE Magazine | Office

The Money Source subleased approximately 20,000 square feet of Class A office space at 2355 E. Camelback Rd. This marks the company’s second office lease in Phoenix during 2016. “The Money Source is committed to attracting and retaining the best employees in the Valley and plans to hire approximately 450 employees this year in Metro Phoenix,”… Read More →

Nearly 20 KSF of office leases signed at Westgate

Westgate entertainment district
by in AZRE Magazine | Office

This week, Westgate Entertainment District signed leases for close to 20,000 square feet of office space to three businesses that will open at the Glendale mixed-use center by the end of the year.  Harvard Drug Group, a pharmaceutical sales, manufacturing and distribution company, originally opened at Westgate in 2013 with a 4,937 square-foot office to accommodate… Read More →

New Jersey-based Cenlar FSB leases Tempe offices

Cenlar FSB
by in AZRE Magazine | Brokerage | Office

Cushman & Wakefield negotiated the lease for New Jersey-based Cenlar FSB, which took up an approximately 41,757-square-foot office at Warner Courtyards, located at 301 W. Warner Rd. in Tempe, Ariz. The landlord is Warner Courtyards, LLC; HRA Warner Courtyards, LP; Park 3020, L.L.C. and Park 3030 L.L.C. Cenlar’s expansion to Tempe comes in response to rapid growth… Read More →

8-building Phoenix office park sells for $7.5M

Phoenix office park
by in AZRE Magazine | Brokerage | Office

Cushman & Wakefield negotiated the $7.5 million sale of Arcadia Corporate Park, located at the northeast corner of McDowell Road and 48th Street. The Phoenix property was sold to California-based WLA Investment. Arcadia Corporate Park is an eight-building, multi-tenant industrial complex totaling 109,143 square feet. Built in 1981, the property features grade-level loading doors servicing each… Read More →

Chandler approves 928,000 SF office campus in tech corridor

Chandler
by in AZRE Magazine | Construction | Office

On Thursday evening, the Chandler City Council unanimously approved the Douglas Allred Company’s latest development project in the Price Road Corridor, Park Place II. Specifically, the City Council approved a rezoning to Planned Area Development (PAD) and a Preliminary Development Plan (PDP) for an employment business park campus, which will allow the Allred Company to… Read More →

Creative office park breaks ground at 64th Street and Thomas Road

The Quad is a unique concept that is being developed in Phoenix for the first time. (Photo courtesy of  EverWest Real Estate Partners and WHI Real Estate Partners L.P.)
by in AZRE Magazine | Construction | Office

A joint venture between EverWest Real Estate Partners and WHI Real Estate Partners L.P. (WHIREP) earned unanimous approval by the Scottsdale City Council for a zoning modification, and has started construction on The Quad, a major 13-acre, 14-building redevelopment project. Once completed, the buildings will blend elements of a lifestyle center and office park to create a… Read More →

2 Tempe offices sold for $29.3M

Vestar
by in AZRE Magazine | Brokerage | Office

Cushman & Wakefield negotiated the sale of two Tempe offices for $29.3 million. The properties, located at 1330 W. Southern Ave. and 3001 S. Priest Rd., were purchased by San Diego-based Douglas Allred Company, in partnership with Phoenix-based DW Capital Partners and New York-Based Angelo, Gordon & Co. The properties were sold by California-based Cordia… Read More →

CBRE completes sale of $39M office project

park one
by in AZRE Magazine | Office

Velocis, a private equity real estate fund, purchased Park One, a three-building, multi-tenant, Class A office development totaling 205,000 square feet in the Camelback Corridor in metropolitan Phoenix. A team of brokers including Barry Gabel, Chris Marchildon, and Kevin Shannon represented the seller, a joint venture between California-based McCarthy Cook & Co. and New York-based… Read More →

Report: Tightened Class A Office Activity is Driving Class B Activity

Phoenix
by in AZRE Magazine | Office

The Phoenix office market experienced a rise in leasing activity, high net absorption and increased rental rates according to second quarter reports. As Class A space fills in some of the most desired corridors of the city such as Camelback Corridor, companies are turning to Class B space in new corridors like Phoenix Midtown to… Read More →

Report: Phoenix offices making biggest gains since 2006

Photo: eutoch / 123RF Stock Photo
by in AZRE Magazine | Office

A Cushman & Wakefield report showed the Metro Phoenix office market posted the largest midyear net gain since 2006, with just over 1 million square feet during second quarter 2016. At the 2016 midyear point, office vacancy in the Metro Phoenix office market stood at 18.0 percent, a 20-basis-point reduction from first quarter 2016, and an even more significant… Read More →