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6,671-SF Lease Positions Asset for Disposition

PHOENIX-Olympic Mortgage Corp. signs a six-year pact, valued at $700,000 for 88,662-sf Country Club Manor at 1221-1313 E. Osborn Rd. The new deal signals the start of a sales campaign by Prudential Financial.

By Jennifer D. Duell | Updated on October 13, 2004

PHOENIX-Olympic Mortgage Corp. has leased 6,671 sf of office space at Country Club Manor at 1221-1313 E. Osborn Rd. The six-year lease has a payout of $700,000 to the building owner, Prudential Financial, which has brought the 88,662-sf asset to market.

“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.

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