"They looked around, but when they factored in the moving costs and when the building owner came back with a pretty good offer, it made economic sense to stay," says Devpal Gupta, head of Equis Corp.'s Phoenix office. "There are not a lot of blocks of contiguous space that are leaseable in this submarket--another reason that they stayed."
The deal has a payout value of roughly $1 million to building owner, Irvine, CA-based Business Properties, which was represented internally. The Fish and Wildlife Service, part of the Department of the Interior, is located in the Black Canyon Business Park, an industrial complex with 100,000 sf in six buildings.
Gupta, who represented the government agency, tells GlobeSt.com that the building at 2321 Royal Palm Dr., built in the early to mid-1980s, is 85% leased with the renewal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
