Vision Offices took over the space from another executive suites operation then purchased the business and extended the soon-to-be expiring lease with building owner Light Street Partners LLP. As was the previous operator, Vision is leasing space is on the ground floor and on the fourth floor of the building.
The full-service asking rate for space in Five Centerpointe is $26 per sf. Sources informed of the Vision deal say the average rate over the life of the lease is close to the asking rate, which would make it close to a $3.5.-million deal.
Five Centerpointe is now about 89% leased. It is part of a 500,000 square foot, five-building class A office complex owned by Light Street Partners LLP. Eric Haskins with Grubb & Ellis Company represented the Vision Offices in this transaction. Coby Holley with Insignia/ESG represented Light Street Partners.
Vision Offices offers executive suites, virtual offices and meeting rooms that are available to rent by the hour, day, week, month or year. It currently has eight locations in the Phoenix metro area. Company owner Christopher Haws tells GlobeSt.com he will retain the previous owners to manage its new business "at least for the first year and indefinitely if things continue to work out well."
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