Tag Archives: national debt

Tumbleweed Logo

Tumbleweed Center Relocates Phoenix Headquarters

Tumbleweed Center for Youth Development will expand and relocate its headquarters from Downtown Phoenix to Siete Square II, 3707 N. 7th St. in Midtown, according to Cushman & Wakefield of Arizona, Inc.

Tumbleweed was established in 1972 with a mission to provide a safe space for collaborating with youth and young adults in the community who are vulnerable or experiencing homelessness.  The organization serves more than 3,000 young people each year, ages 12 to 25 years.

“Tumbleweed made a very shrewd decision to expand and relocate its headquarters at this time, locking in to today’s historically low rates.  This allowed us to lower occupancy costs over the long term,” said Paul Andrews of Cushman & Wakefield.  “This strategy cut thousands of dollars in future rent expense that now can be redirected back into the organization’s much needed programs that serve Metro Phoenix’s teenage youth.”

The local non-profit has leased 13,047 square feet at the garden office complex and will locate from 1419 N. 3rd Street in fall of 2013.

Siete Square II is one of four buildings within the larger Siete Square garden office complex.  The Indiana Farm Bureau owns Siete Square II.  Paul Andrews of Cushman & Wakefield of Arizona, Inc. represented Tumbleweed Center for Youth Development in its lease negotiations.

Phil Breidenbach and Lindsey Carlson of Colliers serve as exclusive leasing agents for Siete Square II, representing the Indiana Farm Bureau.

WellsFargoLogo

Wells Fargo Plans 410,000 SF Expansion in Chandler

By Eric Jay Toll, Senior Correspondent for Arizona Builder’s Exchange |

Special to Arizona Commercial Real Estate magazine

 

Wells Fargo unveiled its 410,000-square-foot Chandler campus expansion to a neighborhood meeting in the East Valley September 16. Arizona Builder’s Exchange broke the story Monday night that the bank filed a rezoning application with the city to allow a pair of four-story buildings on the northwest corner of Price and Queen Creek roads in the Price Corridor.

More than 2,500 additional employees will work in the new Wells Fargo buildings, bringing campus employment to more than 5,000 workers.

The bank has selected an architect, but has not named the contractor for the project. A formal announcement with construction schedule is expected shortly. AZBEX reports sources saying the project could cost as much as $90 million.

The building shapes, design and materials are intended to mirror Phase I of the campus. The offices will rise to 64 feet. Three more buildings and parking garages are projected for future phases. The city has not set a hearing date for the zoning. Wells Fargo has not yet announced its construction schedule.

Read the original story here.

 

Eric Jay Toll is the senior correspondent for Arizona Builder’s Exchange. His freelance work appears in a number of regional and national publications, including upcoming stories in AZRE and AZ Business.

Stock Market

The Dow Reaches 12,000 — Where Will We Go From Here?

The Dow Jones Industrial Average briefly climbed to 12,000 on Jan. 26. Is this a sign of hope for our economic growth? The last time the Dow traded at the 12,000 level was in June 2008, when our economy was just starting to see the effects of job losses, dollar value changes, tax concerns, mortgage defaults, and monetary policy struggles. Although we still face some of these challenges today, we are gradually seeing improvements in some areas of our financial economy.

The most positive are corporate earnings. Reported by Bloomberg, 88 out of the 120 estimates of quarterly earnings exceeded predictions. Corporations with strong business models regained some strength by scaling back and many competitors are no longer in the game to compete. Analysts predict similar expectation earnings for 2011. If analysts are correct, then we expect the equity market to improve and draw strength from our economic growth.

Some economic issues have improved since 2008, but many still persist. In order for the economy to regain its strength, long-term, several key metrics will need to improve.

The value of the U.S. currency must stabilize in comparison to other currencies. As for taxes, once China’s tax reform goes into effect the U.S. will have the highest business tax rates than other developed countries.

Federal spending has exploded in the last few years, but some could argue that it was needed to help avoid a worse recession. Our national debt has reached the $14 trillion marker and will take decades to reduce.

Ben Bernanke, chairman of the U.S. Federal Reserve, has great responsibility overseeing monetary objectives. The control of our money supply and interest rates either expands our economic growth or contracts it. When we experience a dramatic market change like 2008, it is much more difficult to predict the results of monetary decisions. Now that there is less uncertainty we may see progress in this area.

It’s been nearly 18 months since we exited our recession. Is our economic environment better? Yes, but it is improving very slowly and there are still many issues to work out. Hitting the 12,000 mark on the Dow provided some comfort for investors. We also had positive growth with the U.S. GDP — it expanded by 3.2 percent in the fourth quarter following a 2 percent annual rate in the third quarter, according to Bloomberg. As investors, we must continue to focus on our objectives and refrain from making decisions on emotions.