"Pegasus needed to expand because they're selling a lot of windows and doors," Pat Harlan of Cushman & Wakefield of Arizona Inc. who represented the tenant. "It's because of the new home construction frenzy."

Harlan tells GlobeSt.com that Pegasus inked a lease for 96,000 sf last summer, but grew so quickly it needed to exercise the expansion rights. The window and door manufacturer decided to renew the entire lease to take advantage of market conditions, he says. Pegasus will bring on an additional 20 employees as part of its expansion.

The building, which was 100% vacant when Pegasus signed the first lease, was built in the mid-1980s. It is centrally located and has good access to the local interstates, which was important to Pegasus since it has customers throughout the Valley, says Pat Feeney of CB Richard Ellis Inc.'s Phoenix office who teamed with colleague Daniel Calihan to work out terms for the building owner, Southern Ave. LLC, a group of private investors from Phoenix.