"The lease helps to bring the building to 93% occupancy, and there are just a couple of smaller suites left," John Bonnell, a vice president in Phoenix for Dallas-based Trammell Crow Co., tells GlobeSt.com."With the new lease, Prudential thought it would be a good time to sell the project." He and TCC's Don Mudd lease the class A asset.
Built in 1987, Country Club Manor is a two-story, garden-style complex situated next to the Phoenix Country Club at the edge of the Midtown and Downtown North submarkets. Parsippany, NJ-based Prudential Financial owned the two-building project for five years.
According to Bonnell, Olympic Mortgage was attracted to County Club Manor because of its class A quality and reasonable rental rate. "Right now they're leasing space at 313 E. Camelback and they were paying higher rents," he explains. "They were able to make a move to Country Club Manor and have a lower rate and keep the quality."
Country Club Manor is only 10 minutes away from the Olympic Mortgage's current office. Jerry Roberts of CB Richard Ellis Inc.'s Phoenix office represented the tenant.
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