The Galleria Corporate Center at 4343 N. Scottsdale Rd. was purchased about two years ago by JEMB Realty of New York City, which renovated the 606,521-sf structure to include fiber optic wiring and other amenities. Jerry Roberts with CB Richard Ellis Inc. tells GlobeSt.com that the building currently houses six major tenants, including the Scottsdale Culinary Institute, with three other leases pending.
MSC Life Insurance Co. of Mountlake Terrace, WA recently signed a 5 1/2-year lease 10,750 sf of office space, bringing the building's total leased space to nearly 150,000 sf. Over the lease's term, the payout is more than $1 million.
"It's a pretty unique building," Roberts said of the former mall, noting that the building offers exceptional parking in a downtown Scottsdale environment close to many of the area's amenities.
Roberts negotiated the MSC Life Insurance transaction for the building owner along with Tom Adelson, Jim Fijan, and Kevin Calihan, all of CB Richard Ellis' Phoenix office. Jerry McCormick, Luke Walker and John Pompay, also of CB Richard Ellis, assisted MSC Life Insurance in the transaction.
Roberts said MSC Life Insurance, along with tenants New York Life and American Founders Life, found the building's leasing rates a prime value. "In the down market, we have a building that has been able to attract quality tenants looking for a class A office environment," Roberts said. "It's clearly the best big building value for the dollar.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
