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Two Class A Leases Seal Off 23,822 SF

SCOTTSDALE, AZ-Piper Jaffray & Co. steps up for 15,022 sf in a 10.5-year lease for Portales Corporate Center in Scottsdale while Pinnacle One inks a six-year renewal for an 8,880-sf office in Tempe's Fountainhead Corporate Center.

By Lee Simmons | Updated on July 03, 2004

SCOTTSDALE, AZ-Two top names snap up a combined 23,822 sf of class A space in long-term commitments for business parks in Scottsdale and Tempe. The signed leases are valued at $5 million.

Piper Jaffray & Co. of Minneapolis agrees to a 10.5-year lease with a $4-million value for 15,022 sf in the Portales Corporate Center at 4800 N. Scottsdale Rd. in Downtown Scottsdale. The deal enables the stock brokerage company to consolidate two offices–one in Scottsdale and the other in the Camelback Corridor–into the new location by mid-September, Jim Watkins, a principal for Lee & Associates Arizona in Phoenix, tells GlobeSt.com. “This property was a logical choice because it was equidistant from both offices,” he says. “By far it’s the nicest building in the target area.”

The 165,000-sf building, built in 1999, was 98% occupied upon the lease execution. The 36-acre Portales Corporate Center features mixed-use commercial offerings totaling 500,000 sf of office, 70,000 sf of retail space and a 40-room hotel. Rob Ryan of Forum Capital LLC in Scottsdale represented the local building owner, Anchor-Forum Portales LLC.

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