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Mutual of Omaha, Renews, Expands

PHOENIX-Cheaper lease rates allow the insurance giant to expand by 1,000 sf under a six-year agreement for 6,047 sf with a Central Avenue high-rise. Recent upgrades to the building, sign and central location factor into decision to stay.

By Beverly Ford | Updated on December 03, 2003

PHOENIX-Insurance giant Mutual of Omaha will expand its operations by about 1,000 sf under a six-year lease for 6,047 sf on the firm’s central Phoenix offices.

Gordon Raguse with Grubb & Ellis/BRE Commercial tells GlobeSt.com that the insurance company looked at other locations, but opted to stay in the 4041 N. Central Ave. office high-rise because its $15.75 per sf lease rate was about $3 per sf to $4 per sf below comparable properties in the surrounding area. “They had great signage, it was centrally located and the prices in the central corridor were $3 to $4 better than we could have found in Squaw Peak and other areas,” he says. “For the difference, they could get the expansion, keep the signage and save $3 to $4 per sf . Economic-wise it made sense to stay put.”

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