As a retirement destination, Arizona is home to a large number of military veterans.
The lease consideration is valued at $1.5 million for the five-year lease. The lease rate, just over $17 per sf, is roughly the going rate for class B or class C office space in the Uptown area. The Downtown north area is among the softest in the Valley, with a vacancy rate that was 12.9% at the start of the year, compared to an overall rate of 9.9%. By caparison, Downtown south has a vacancy rate of 3.8%, according to a survey by CB Richard Ellis.
The building is owned by Koll Bren Schreiber Realty.
The Phoenix office of CB Richard Ellis, with broker Brian Raczynski, represented the building owner and the Phoenix office of Colliers International, with broker Peter Barby, represented the VA.
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