The mortgage outsourcing firm, which will move into 2600 N. Central Ave. in May, will bring more than 200 new jobs to the Valley, says Jay Hoselton, a senior director with Cushman & Wakefield of Arizona Inc. Hoselton represented Lydian Data Services in the transaction along with Alisa Pettingell of Studley's Fort Lauderdale office.
Hoselton tells GlobeSt.com that the deal is valued at more than $3.5 million and brings the 323,607-sf, 20-story building to 55% occupancy. Lydian Data Services, a subsidiary of West Palm Beach, FL-based Lydian Trust Co., will occupy 11th and 12th floors ofthe Midtown high rise.
The Lydian Data Services' lease is one of the first deals completed since the building was purchased by Woodland Hills, CA-based Adler Realty Investments Inc. in June 2004 for $17 million. The 23-year-old building was sold by SOFI IV SIM Office Investors II LP, a fund belonging to Greenwich, CT-based Starwood Capital.
In addition to Phoenix, Lydian Data Services seriously considered Las Vegas for the office. Once the firm made the decision to open a local office, there were a lot of options, Hoselton says. In fact, Lydian Data Services considered several submarkets in the Valley. "They picked Midtown because of its central locations and because it offered the best value [in the form of lowest rents,]" he says. Trammell Crow Co.'s local office handles leasing and management for 2600 N. Central Ave.
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