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10-Year, $25-Mil Lease Pushes Project Off Drawing Board

SCOTTSDALE, AZ-Ryan Cos.' newest undertaking, a 140,000-sf class A office building, is ready to go now that the tenant's in hand. The 100,000-sf signing drives an early 2002 groundbreaking and a 2003 consolidation for Dallas-based Pegasus.

By D.J. Burrough | Updated on October 17, 2001

SCOTTSDALE, AZ-Phoenix-based Ryan Cos. has closed the largest office lease of the year and opened the door for a construction start on a 140,000-sf build-to-suit in Scottsdale. Dallas-based Pegasus Solutions Inc., a leading provider of hotel reservations, has reserved 100,000 sf in the class A office building in a 10-year signing valued at $25 million.

Ryan is developing and will own the three-story building that will come out of the ground at 140000 N. Pima Rd. Construction on Pegasus Solutions Plaza should get under way in early 2002.

Office leases have been rare this year, let alone a 100,000-sf deal. Through the third quarter, the Valley posted just 330,000 sf of positive net absorption. Until now, Scottsdale had a year-to-date negative net absorption of 17,600 sf.

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