"They needed a centrally located office," Laura Becker, a broker with Daum Commercial Real Estate Services, tells GlobeSt.com about the class B lease. "As far as price, it's so reasonable." Built in 1974, the two-story office building offers a total 18,892 sf of rentable space. Current tenants include realty companies, a ministry and several non-profit organizations. Innovative will pay about $9 per sf for the suite. Recent numbers on office vacancies in Phoenix's central corridor indicate nearly 23%, Becker says.
Following the Innovative lease signing, 49 E. Thomas Road's occupancy was 60%. Becker represented Denver-based AZ Thomas Street LLC, while David Sampson of Phoenix-based Rein & Grossoehme represented Innovative in the deal.
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