Tag Archives: Vulcan Real Estate

Allstate Tempe Gateway

Allstate Leases 66,000 SF In Tempe Gateway Building

Allstate Insurance Company has signed a lease as a new office tenant in the Tempe Gateway building in the Mill Avenue District, Vulcan Real Estate announced today.

Allstate’s lease is for 66,000 SF of office space, making it one of the largest leases signed in the market this year. Allstate is expected to open their new Tempe offices in September 2012.

The eight-story, 260,000 SF Tempe Gateway building will provide Allstate with a prime location and modern amenities. Tempe Gateway was purchased by Vulcan Real Estate in June 2010 as the company’s first investment outside the Seattle market. The building’s location provides easy access for people from all over the Greater Phoenix Metropolitan Area with close proximity to major freeways and a light rail stop adjacent to the property.

“We are really pleased to welcome Allstate as our newest tenant and we expect their staff will find the location ideal, with easy access to transportation, shopping, and a great local community,” said Robert S. Arron, senior director of real estate marketing and leasing at Vulcan Inc.

Allstate’s new lease brings occupancy at Tempe Gateway up to 64%, further highlighting the growing strength of the office real estate market in the Tempe-Phoenix region.

Other downtown Tempe buildings are also faring well.

  • Hayden Ferry Lakeside is at 94% occupancy;
  • Papago Gateway Center is approximately 80% leased;
  • Centerpoint on Mill has converted existing second floor retail into office space to take advantage of the market;
  • Tempe’s vacancy rate for business space is lower than neighboring cities Phoenix and Chandler;
  • Mill Avenue has added 48 new retail businesses since 2009 that are open and thriving – the vacancy rate has gone from 32.4% in April 2009 to about 20.5%.

“We’d like to say that Allstate is in good hands here in Tempe,”  Mayor Hugh Hallman said. “We welcome them to our community and look forward to their presence here.”

Allstate will join current Tempe Gateway tenants Limelight Networks (a 2012 RED Award winner), Parsons and Waste Management, who occupy a combined 100,000 SF. Trisports.com, a longtime retailer of triathlon, swimming, biking, and running gear, has also leased space at Tempe Gateway for their newest retail location, and will open their doors in June, 2012. Vulcan is in discussions with several other prospective tenants to lease the remaining office and retail space currently available in the building.

Jerry Roberts of CB Richard Ellis represented Vulcan Real Estate in the lease transaction, and Michael Cummings, Phil Breidenbach and Lindsey Carlson of Colliers International represented Allstate.

RED Awards 2012 - Limelight Networks

RED Awards 2012: Best Tenant Improvement Project, Limelight Networks

On March 1, AZRE hosted the 7th Annual RED Awards reception at the Arizona Biltmore in Phoenix to recognize the most notable commercial real estate projects of 2011 and the construction teams involved. AZRE held an open call for nominations and a record 116 projects were submitted by architects, contractors, developers and brokerage firms in Arizona. This year, the winner for Best Tenant Improvement Project was Limelight Networks.


Best Tenant Improvement Project

Limelight Networks

Developer: Vulcan Real Estate
Contractor: Layton Construction
Architect: DAVIS
Broker: Ross Brown Partners
Size: 57,300 SF
Location: 222 S. Mill Ave., Tempe
Completed: July, 2011

Limelight NetworkLimelight Networks is a high-tech company that combined several locations into one main facility. As the first tenant in Tempe Gateway, the Limelight team expanded its project to provide for a 24/7 Network Operation Center and 150 SF of office space for each employee. DAVIS and Layton Construction incorporated updated technology and improved floor layouts. The project team observed sustainability techniques such as Greenguard and CRI Green Label Plus Certifications. The carpeted area is 37% reused content and the ceilings contain 85% recycled material. Motion sensors and water conservation were also implemented to promote the value of energy efficiency and progress of Limelight’s tenant improvement.

limelight.com


Video by Cory Bergquist


Honorable Mention

GAP Fulfillment Center

Developer: N/A
Contractor: Jokake Construction Services
Architect: K&I Architects
Broker: Cushman & Wakefield
Size: 412,000 SF
Location: 2225 S. 75th Ave., Phoenix
Completed: May, 2011


Video by Cory Bergquist


RED Awards 2012 Winners & Finalists

AZRE Magazine March/April 2011