Jen Bishop and Mark Seale, both of the Phoenix office of CB Richard Ellis Inc., represented the building owner, Muller Co. Jim Watkins of Phoenix's Lee & Associates Arizona handled talks for the tenant.
The 12-year-old building is close to the Camelback Corridor and Sky Harbor International Airport in East Phoenix. Madison Square currently is 83% occupied. Office space is quoted at $20.50 per sf.
According to first quarter results, the East Phoenix submarket has about 3.4 million sf of office product. The area currently has a 19.6% vacancy rate. Lease rates range from $20.79 per sf for class A buildings, like Madison Square, to $18.67 per for class B and $15.89 per sf for class C product. In the first quarter, the area registered a negative absorption of 88,800 sf.
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