The five-year lease has a payout of $1.2 million for developer, Minneapolis-based Ryan Cos. The building will be ready to occupy in the fourth quarter, driving the logistics firm's exit from 7047 E. Greenway Parkway in Scottsdale.
"They needed to expand and be in an area that is more central to its employees and clients," Dina Boscardin of Mohr Partners tells GlobeSt.com. She represented CH Robinson Worldwide in the transaction while Bill Blake and Craig Coppola with Lee & Associates Arizona represented Ryan Cos.
According to Boscardin, CH Robinson Worldwide now occupies about 5,000 sf. "We did an exhaustive search, but finding contiguous space was a challenge so we decided to go with new construction," she says. The firm's existing lease expires later this year.
Ryan Cos. last month broke ground on the $22-million Desert Ridge Corporate Center I. It is already 20% pre-leased, Blake tells GlobeSt.com. The building is part of a three-building project that will total roughly 400,000 sf at build-out.
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