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GE Subsidiary Inks 80,000-SF Expansion Pact

PHOENIX-GE Parallel Design signs a seven-year lease to more than double its presence in the Valley, becoming the lead tenant in a 108,000-sf industrial building in the Allred Cotton Center. Six months of negotiations end with an $8-million payout over the term.

By Jennifer D. Duell | Updated on March 09, 2005

PHOENIX-After six months of negotiations, GE Parallel Design Inc. has committed to another 80,000 sf of class A, flex industrial space to more than double its presence in the Valley. The General Electric Co. subsidiary, signing a seven-year lease, will move into the Allred Cotton Center building in June.

GE Parallel Design, which manufactures and distribute medical products like ultrasound equipment, will be the lead tenant in a 108,000-sf building at 4313 E. Cotton Center Blvd. The deal puts $8 million into the pockets of building owner, San Diego-based Douglas Allred Co., according to Mark Krison, a senior vice president with CB Richard Ellis Inc.’s local office.

The two-year-old building is 75% leased with the deal. The CBRE team, which includes Robert Crum and David Carder, is marketing the rest of the space at $11 per sf triple net with $15 tenant improvement allowances.

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