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Two Office Leases Pass Muster

TEMPE, AZ-American National Insurance signs a five-year lease for 1,698 sf in a Tempe trade-up from class C space and Reliant Pharmaceuticals takes 1,200 sf for three years at a class A property in Scottsdale.

By Lee Simmons | Updated on June 11, 2004

TEMPE, AZ-Two office users have signed leases for a combined 2,898 sf in Tempe and Scottsdale, opting for properties with good locations and good pricing due to mid-teen vacancies at both.

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.

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