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Caremark Stamps Eight-Year Lease

PHOENIX-Caremark Rx Inc. will pay out $1.7 million over the term for 18,315 sf of expansion space in Cotton Center I at 4025 Cotton Center Blvd. The pharmaceutical firm now occupies 60,000 sf in a neighboring office/warehouse.

By Jennifer D. Duell | Updated on September 28, 2004

PHOENIX-Caremark Rx Inc. has expanded its presence in the Valley with an 18,315-sf lease at Cotton Center I, located at 4025 Cotton Center Blvd. The eight-year lease has a payout of $1.7 million.

Steve Bodeman of GVA Daum represented Nashville-based Caremark in the expansion, while the building owner, Bedford Property Investors Inc. of Lafayette, CA, was represented by Marc E. Tuite, senior associate at Grubb & Ellis Co./BRE Commercial LLC in Phoenix. Caremark, a pharmaceutical services and prescription benefit management company, currently occupies 60,000 sf at 4121 E. Cotton Center Blvd., also in the Cotton Center complex. Bodeman tells GlobeSt.com that the company will use the new space to dispense prescriptions and manage drug benefit plans for corporations, insurance companies, managed-care organizations and unions.

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