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One Renewal, One Newcomer Take Class A Space

SCOTTSDALE, AZ-Location is the name of the game for office users seeking upscale space in an always popular submarket. Two national-credit tenants take a combined 16,108 sf with leases valued at more than $1.2 million.

By Lee Simmons | Updated on June 03, 2004

SCOTTSDALE, AZ-Two national-credit tenants have signed leases in the class A Scottsdale Norte office building with an original lead tenant committing for another five years and a newcomer inking a three-year pact for the two-story garden-style building.

“The location is great,” says Gwen Musfeldt, an associate at Cushman & Wakefield of Arizona Inc.’s Phoenix office. “It’s not so far north. Once you get a little farther north on Scottsdale Road, it gets really congested.”

Little Rock, AR-based Alltel Corp. renewed 10,167 sf with AmeriVest Properties Inc. of Denver, which bought the 11333 N. Scottsdale Rd. office building last year for $12.3 million. Alltel, the original lead tenant in the five-year-old building, worked out a renewal with an $800,000 payout over the term, Jerry Jacobs of Cushman & Wakefield’s Phoenix office tells GlobeSt.com.

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