CBRE announced two new office leases, totaling 28,237 square feet within the IDEA Tempe campus in Arizona.
Global Nephrology Solutions, a physician-owned and led practice management platform, signed a 92-month lease for 19,923 square feet on the second floor of the Phase I office building for its corporate and administrative offices. CBRE’s Bryce Terveen, Gregg Pasternack, Nikki Dedic and Matt Flaherty represented the tenant in the transaction.
Holthouse Carlin & Van Trigt LLP, a regional accounting firm, signed a 7-year lease for 8,314 square feet. Geoffrey Waldrom of Camelback Commercial Real Estate represented the tenant in this transaction. CBRE’s Sean Spellman represented the landlord, The Boyer Company, in both transactions.
IDEA Tempe, located at 850 W Rio Salado Pkwy, is an 18-acre site featuring an existing 185,000 square-foot Class A office building with a detached parking structure and four future office phases totaling 800,000 additional square feet. The planned buildout of the project also includes the potential for ancillary restaurant and retail space as well as a future hotel or multifamily development. The site is located adjacent to Tempe Town Lake and the Tempe Center for the Arts.
These two latest lease deals bring the Phase I building occupancy to over 80 percent. About 32,917 square feet remain to be leased on the 3rd floor. Becton Dickinson, the building’s original tenant, occupies the remainder of the property.
“Boyer Company and the City of Tempe are excited to be further closing in on the lease-up of IDEA Phase I and continuing the development of the future phases,” said Matt Jensen with The Boyer Company. “We are currently in the planning phase of the next building delivery and look forward to launching it to the market.”
Added CBRE’s Spellman, “We welcome our new tenants and echo the value they perceived in locating to new Class A construction in the dynamic North Tempe submarket. We are looking forward to the evolution of the project.”
Migration into Arizona has been a major driver of the region’s growth. Today, Arizona’s in-migration continues to be a powerful economic force, according to a recent CBRE research report. Between 2010 and 2019, on average Phoenix received an average annual net in-migration of more than 92,000 people.