American National Insurance Co. of Galveston, TX, is taking 1,698 sf for five years, getting a $175,000 payout over the term for Concordia Office Park in Tempe. The company works out a trade-up to a class B building at 1414 W. Broadway Rd. with a more accessible location than its present class C office at 9201 N. 25th Ave. in Phoenix.
"The Tempe market has held together, it's strong," Rod Beach, a senior associate at Grubb & Ellis/BRE Commercial in Phoenix, tells GlobeSt.com. "That particular area is way below the vacancy rate average at about 13% so it's held its ground compared to alot of its neighboring cities." Tenant improvements are expected to wrap up in time for a move-in Tuesday, says Beach, who represented the tenant.
The 48,000-sf building's recent lease-up success is due in large part to a $1-million remodel implemented last year by owner Presson Advisory LLC of Phoenix. Tyson Breinholt of Commercial Properties Inc. represented the owner.
In Scottsdale, Reliant Pharmaceuticals LLC signed a three-year lease worth $83,750 for 1,200 sf in the Sonoran Corporate Center. The Liberty Corner, NJ-based company needed room to accommodate a growing sales staff in the market.
"It's a class A building, fairly new, built in 2002. It's very close to the sales people who are going to be in this office," Laura Becker, a broker with Daum Commercial Real Estate Services in Phoenix, tells GlobeSt.com. The 21,064-sf Sonoran Corporate Center at 8324 E. Hartford Dr. is fully leased.
Reliant markets pharmaceutical products to primary care and specialty physicians around the country. Becker represented Reliant while Blake Hastings of Grubb & Ellis/BRE Commercial represented the property owner, Rowland Cos. Construction Group Inc. of Scottsdale.
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