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VA Inks $1.5-Mil Deal for Office Space Uptown Building Near Hospital

PHOENIX-VA leases space uptown next to a Veterans Administration hospital serving the region's 17,500 vets.

By D.J. Burrough | Updated on February 15, 2001

PHOENIX-The Veterans Administration has leased 17,500 sf of office space at 4001 N. Third St. in Uptown Phoenix. The office building is adjacent to the Carl T. Hayden Veteran’s Administration Hospital, which provides medical services and outpatient services to military veterans.

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.

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