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Equus Convinces 10-Year Tenant to Stay

PHOENIX-Equus Realty Advisors scores a major coup when an aggressive leasing campaign woos back a physicians group that was planning to vacate. The $3.9-million lease is laced with reduced rent and an exceptional tenant improvement package.

By Beverly Ford | Updated on December 17, 2003

PHOENIX-An aggressive leasing campaign by a new owner helped score a $3.9-million, 10-year lease with an old tenant who wanted expanded offices, but was not yet ready to move into the new space.

Urology Associates had just about zeroed in on the Central Park Square Building at 2020 N. Central Ave. in the city for its new headquarters when the medical firm’s new building owner, Equus Realty Advisors, stepped up to the plate with an offer that washard to refuse, Colleen McPherson, with CB Richard Ellis Inc.’s local office, tells GlobeSt.com.

“It became a bidding war,” McPherson says of the tug-of-tenant-war between the two properties. But Equus, which paid $5 million in May for the 202 E. Earll Dr. office building that Urology Associates has called home for the last 10 years, was not to be outdone. Armed with a bag of concessions, including reduced rent and an exceptional tenant improvement package, Equus’ offer was unbeatable.

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