The GSA moved into 4,076 sf, signing a 10-year lease valued at $1 million over the term. The agency relocated from the Hohokam Towers at 4605 E. Elwood St. in Phoenix. Rob Baggott of First Commercial Realty Advisors in Phoenix represented the GSA.
"The professional nature of their operation made them very compatible for this office building," Jeff Hartland, a senior vice president with Grubb & Ellis/BRE Commercial, tells GlobeSt.com. "They were getting pushed out of existing space from internal growth by another tenant. They had a desire to be in downtown Tempe and we fit the bill for them."
A 5,000-sf tenant, Logan Simpson Design Inc., reworked its lease when 10,000 sf recently became available at 51 W. Third St. The new five-year lease has a $1.5-million payout. The architectural firm moved into the complex 3.5 years ago. Gary Gregg at Fulton Andrew Corp. of Phoenix represented the tenant.
Holualoa Hayden Square LLC of Tucson recently purchased Hayden Square for $16.6 million. The 106,834-sf complex, built in 1986 on 3.6 acres, served as America West Airlines' corporate headquarters until 1999. The five buildings, a mix of retail and office tenants, have rents hovering $24 per sf.
"The downtown Tempe market is truly one of the very few, if not only live-work-play environments in all of metro Phoenix," says Hartland. Hartland represented the previous owner, LAFP Phoenix Inc., in the lease transactions prior to this month's purchase.
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