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American Express Stays Put With $35M Lease

PHOENIX-After 18 months of wrangling, American Express Co. holds tight to a 169,071-sf building in the Canyon Corporate Plaza for another 10 years. The lengthy decision-making pitted the renewal against a build-to-suit at the corporate campus.

By Lee Simmons | Updated on June 24, 2004

PHOENIX-American Express Co. nearly left home without a lease renewal. The New York City-based travel and financial services giant has signed a 10-year renewal and extension worth $35 million for a 169,071-sf, class A building in the Canyon Corporate Plaza in the northwest corridor.

“They went out and explored the market pretty significantly. We had to negotiate pretty hard to keep them in the building,” Jim Achen, a vice president at Transwestern Commercial Services in Phoenix, tells GlobeSt.com. “We put together an economic deal that was very competitive based upon their cost of relocating to a self-built building on their campus.”

Four years ago, American Express leased 130,000 sf at 2512 W. Dunlap Ave., a five-story building and one of two in a 300,000-sf complex. Two years later the company took over the entire building. Prior to the lease expiration, American Express considered a build-to-suit on its corporate campus at 56th Street and Loop 101 in North Phoenix.

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