Liberty Property Trust today announced it has closed seven lease agreements totaling approximately 425,000 square feet during a very strong first quarter of 2014.
“We are extremely pleased to announce this record level of lease transactions in Arizona,” said John DiVall, senior vice president at Liberty. “Our high volume of activity includes new leases and tenant renewals, both of which speak to the quality of our customer service as well as to the product we have available in the market. We sense both office and industrial markets continuing to recover and we are very optimistic about moving forward in the Phoenix market as we continue to expand.”
The quarter was marked by three new leases and four renewals. New leases in the region include:
• Power-One Renewable Energy Solutions, which signed a new lease for 105,542 square feet at Liberty Sky Harbor Center, located at 2626 S. 7th Street. The agreement brings the complex, which reopened last May after a complete renovation and rebranding, to 100% occupancy.
• WageWorks Inc., which signed a new lease for 76,162 square feet at 1850 W. Rio Salado Parkway, which marked the first tenant agreement to be signed at the Liberty Center at Rio Salado, the company’s new Class A LEED® Silver office development.
• The company also reports that it has signed a new lease for 42,639 square feet at 9801 S. 51st Street in Phoenix.
Notable lease renewals in the region include:
• Veracity Logistics, which has signed a lease renewal for 74,124 square feet at 8313 W. Pierce Street in Tolleson. The company has been a Liberty tenant since 2011.
The Source Bakery, which has signed a lease renewal for 62,194 square feet at Liberty Tolleson Center. Located at 8601 W. Washington Street, the company has been a tenant at the building since 2003.
• American Beverage Corporation, which has signed a lease renewal for 40,684 square feet at Liberty Sky Harbor, located at 2626 S. 7th Street. The company has been a tenant at the building since 2009.
• Blood Systems Inc., which has signed a lease renewal for 23,455 square feet at 4405 E. Cotton Center Boulevard in Phoenix. The company has been a tenant at the building since 2003.
In other news, earlier this quarter Liberty received LEED Silver certification for its newly opened building at 4500 E. Cotton Center Blvd. in Phoenix. The 139,403 square foot Class A two-story office building was built in 2013 and is fully leased to Aetna.