"They didn't realize what kind of deals were out there in the market," says Chris Walton, a senior associate with Grubb & Ellis/BRE Commercial LLC. The patent attorneys will vacate 2,200 sf at 340 E. Palm Lane for 4000 N. Central Ave.
Walton tells GlobeSt.com that the seven-year lease is valued at roughly $350,000 and saves Parsons & Goltry $5 per sf to $6 per sf in occupancy costs. "It's better space for less money," he says. Parsons & Goltry will move in early next year.
With the lease, the class B-plus building is 67% leased. Built in 1965 and renovated in 1985, 4000 N. Central is a 316,000-sf tower that is part of the three-building City Square campus. The building is owned by Phoenix-based City Square Associates, which was represented by James Robinson with Phoenix Realty Advisors.
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