The leases, which range from three to seven years, will bring more than $3 million into the coffers of Presidio Investments, owner of the 202,000-sf office complex at 2720 E Camelback Rd. in Phoenix.
"With concerns of war over, tenants are getting a little more confident and are moving out of B locations into A locations. They're taking advantage of market concessions to upgrade their image," Mark Myrick with Presidio Commercial Services LP tells GlobeSt.com.
Myrick said the recent spurt of lease signings are a promising sign for the Valley's struggling office market. "It's encouraging," he said.
Current tenant, AT&T, started the ball rolling when it renewed a lease for 9,000 sf for five years. The pact is valued at $1 million. Grand Canyon Title brought in another $2,5 million under a seven-year lease on 16,879 sf while Camelback Financial Planners signed for 3,700 sf for five years at a cost of $450,000 over the lease term. DL Slaughter, a retail commercial real estate firm, also took a five-year lease on 3,800 sf for $325,000 while Montgomery Home Title booked 2,200 sf for three years at a total cost of $150,000. The full-service office complex, located adjacent to the Biltmore Golf Course and the Biltmore Fashion Center, leases for an average of $23 per sf.
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