Insignia/ESG Managing Director Trevor Klinkhamer, who negotiated the deal on behalf of building owner, Gainey Ranch Town Properties Inc., tells GlobeSt.com that the added space will allow the bank to create a community room for use by local non-profit groups along with a separate bank operations area. The improvements are expected to cost about $60 per sf.
Originally located in a 9,500-sf office suite at the Gainey Ranch Town Center, Northern Trust extended a seven-year lease to 10 years and took an additional 10-year lease on 21,000 sf as part of the deal, Klinkhamer said. "These guys are long-term players. They're good tenants and it was a good expansion for them," he noted.
The banking firm will occupy space vacated by Carrington Estate Planning, which went out of business several months ago. The building also houses one of Arizona's largest developers, DMB, which currently occupies 1 1/2 floors.
Klinkhamer said the building, with views of a nearby lake, the Gainey Ranch Golf Course and the McDowell Mountains to the north, is one of the premier locations at Gainey Ranch. "It's one of the nicest views in town," Klinkhamer said of the property, a 90,000-sf, three-story, class A office building with two levels of underground parking located at 7600 & 7702 E. Doubletree Ranch Rd. Klinkhamer negotiated the deal along with Insignia/ESG director Mitch Chilton.
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