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Northern Trust Signs $1.8M Expansion Pact

SCOTTSDALE, AZ-The bank adds 21,000 sf in a 10-year lease, earmarking the extra space for a community room for use by local non-profit groups and a bank operations area. The bank also pushed a seven-year lease to 10 in the long-term play.

By Beverly Ford | Updated on January 21, 2003

SCOTTSDALE, AZ-Chicago-based Northern Trust Bank has signed a $1.8-million lease for 21,000 sf of expansion space that includes an additional 2,200 sf for its offices.

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.

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