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Brokers Finding Takers for 270,000-SF AmEx Hole

PHOENIX-Four new tenants sign leases over the past 60 days to fill about 160,000 sf in the 25th Street office park, from which American Express pulled out of a 270,000-sf lease in June.

By Beverly Ford | Updated on November 18, 2002

PHOENIX-When American Express pulled out of a 270,000-sf lease in June, the 440,000-sf Transwestern Corporate Center was left with more than half of its eight-building campus vacant.

In the past 60 days, however, more than half of that vacated space has been backfilled. Four tenants have signed on for 160,000 sf, one of the brokers involved in the transactions tells GlobeSt.com.

“By having 270,000 sf walk out, they really got aggressive on rental rates” Insignia/ESG associate director James Bayless tells GlobeSt.com. Bayless should know. He recently inked a six-year, 10,875-sf lease for the Houston-based collection and tele-services agency, GC Services, which is taking space in the park’s 9630 N. 25th Ave. building.

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