Alliance Bank of Arizona signed a 10-year lease for 9,000 sf of first-floor space in the building for a total consideration of $2.2 million. The bank will put its corporate offices along with a branch bank at the site.
In a separate transaction, Layton Southwest Inc., a subsidiary of Salt Lake City-based the Layton Cos., signed a five-year, $1.2-million lease for 8,000 sf that will be used for the construction firm's Arizona headquarters.
The two firms join Malcolm Pirnie Inc., a New York-based environmental engineering firm, which became the building's first tenant when it leased 26,000 sf on the fourth floor for its Phoenix headquarters. That 10-year lease is valued at $6.5 million.
"We've had a lot of great activity on this building," James Fijan of CB Richard Ellis Inc.'s Phoenix team tells GlobeSt.com. He said several firms have expressed interest in the class A office property because of its prime location at the northwest corner of Van Buren Street and the Hohokam Freeway. The site offers easy access to Sky Harbor Airport and the Valley's freeway systems.
The building was developed by a joint venture between the Globe Corp. and the McShane Corp. The building, with its stunning views of Squaw Peak, Camelback Mountain and the Papago Buttes, was designed by architect, DFD CornoyerHedrick.
The developers will begin construction on a second building at the site later this year.Fijan, Tom Adelson, Jerry T. Roberts and Kevin P. Calihan, all of CB Richard Ellis, are the leasing agents for the East Gateway Center.
In the latest leasing round, Fijan represented the East Gateway Center owner and Alliance Bank. Mark Krison, also with CB Richard Ellis, represented Leyton Southwest while Malcolm Pirnie's negotiations were handled by USI of Los Angeles.
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