"They were just intrigued about Arthur Andersen space," Keith Lambeth, a senior vice president with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com. "It was already built out and it had furniture."
Lambeth says the six-year-old office building's central location along the 44th Street corridor was pivotal in RSM McGladrey's move since the relocation site isn't any larger than the existing location at 3200 N. Central Ave.
The 101,000-sf, four-story building's occupancy is resting at the submarket average of 75%. Lambeth says the building houses Phoenix-based Inpulse Response Group and San Jose, CA-based 2Wire, both in the midst of multiple-year leases.
The McGladrey space has been vacant since Arthur Andersen moved out a year ago following its bankruptcy filing in light of the Enron scandal. Rents presently hover in the $25-per-sf range.
Phoenix-based Kitchell Development Co. developed the building as a stand-alone office product in 1998. The current owner, Denver-based 501 North 44th St. Trust, has owned it about three years.
Lambeth, Charles Miscio, Ashley Brooks, James Bayless and Susan Evans, all with CBRE, represented the owner. David Anastos of Newport Beach, CA-based Bayshore Partners represented RSM McGladrey in the deal.
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