"Time America's current location in Tempe couldn't accommodate their growth," says Steve Whitehead, an associate with Lee & Associates Arizona. "And, they were on third floor space and needed to be on the ground floor."
The six-year deal puts $1.4 million in the pockets of building owner, Salt River Devco, which was represented by Jerry Roberts of CB Richard Ellis Inc.
Whitehead, the software firm's broker, tells GlobeSt.com that Time America had initially sought to lease space in Chaparral Phase V, a flex building that had yet to be built. However, given time constraints--the company needed to move by Jan. 1, 2005--Chaparral Phase IV was a better option. The 70,000-sf building had been master leased to Retail Wireless, but the company never occupied the space.
Now, Time America has ground floor space in an almost new building at about $22 per sf compared to its previous rate of $26 per sf, Whitehead says. Moreover, the Scottsdale location is better for employee retention, he adds.
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.
