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High-Tech Firm Takes $4M Package

PHOENIX-With the office market still a challenge, owners continue to set the hook with free rent and full TI packages. A Florida-based software company takes the bait with a five-year lease, worth $3.7 million, for 32,910 sf in the Four Gateway office building.

By Lee Simmons | Updated on June 29, 2004

PHOENIX-In a still-challenging office sector, free rent and tenant improvement packages continue to carry deals to the closing table. One tenant has moved into 32,910 sf at Four Gateway after landing a package filled with bonuses for a five-year commitment.

“It’s one of the crummiest submarkets in all of Phoenix. It averages about 26% office vacancy. There’s a lot of product there and the last couple of years it’s been a tenants’ market,” Dan Dobric, a broker at Presidio Commercial Services in Phoenix, tells GlobeSt.com.

Eclipsys Corp. of Boca Raton, FL, signed a $3.7-million lease with Presidio Investments of Phoenix in the Four Gateway office building at 444 N. 44th St. Built in 1999, the 137,836-sf Gateway is one of the newer buildings in the submarket. The new deal boosted occupancy to 82%.

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