"We've been busy trying to do direct deals and re-tenant," Adam Tolson, a broker with Lee & Associates Arizona in Phoenix, tells GlobeSt.com. Tolson represented both the tenant and owner, Saia Family of Tucson, in the transaction. "The competition is stiff. Class A rates seem to be really good right now."
The 22-year-old, two-story Scottsdale Hayden office building is located at 3260 N. Hayden Road in the city's southwest submarket. With the addition of LeBaron & Carroll Insurance, the 35,000-sf building's present occupancy is 95%. The company plansan early May move-in.
Tolson negotiated a buyout with former tenant Syntrillium Software six months earlier, which had a year left in its lease and initially planned to sublease the space. The company was purchased by Adobe Software and Tolson alternatively brokered a new five-year lease valued at $500,000 with LeBaron & Carroll, which will move from a smaller office in Northwest Phoenix.
Located about a mile west of Loop 101, the building offers easy access both to clients and employees who live in East Phoenix, Tolson says. The company will pay in the neighborhood of $18 per sf in rent. At 95%, Scottsdale Hayden boasts a healthy occupancy rate, especially compared to Scottsdale's office market, presently at 86%, he adds.
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