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Engineering Firm Backfills 15,736-SF Club Space

PHOENIX-DL Engineering & Controls has tapped the former Cloud Club's space on the 19th and 20th floors of Meridian Bank Tower for its corporate headquarters. The firm, planning a July move-in, signs a seven-year deal with a $1.7-million payout.

By Jennifer D. Duell | Updated on March 16, 2005

PHOENIX-An electrical engineering firm, DL Engineering & Controls, has inked a seven-year lease for corporate headquarters space on the 19th and 20th floors of Meridian Bank Tower. The move-in is eyed for July.

In the interim, the 15,736-sf space will be transformed into class A office space from Cloud Club, a popular, upscale social spot back in the 1960s, says Zaya Younan, chairman and CEO of Younan Properties Inc., which owns the 3550 N. Central Ave. office building. The 19th and 20th floors are connected by a spiral staircase and surrounded by windows offering unobstructed views of the mountains. The lease is valued at nearly $1.7 million.

DL Engineering & Controls will move from 2005 N. Central Ave., which is just down the street. “They have about 9,700 sf in their current building and decided to move when their lease expires in the summer because the building can’t accommodate their expansion needs,” Chris Krewson, an associate with CB Richard Ellis Inc.’s local office, tells GlobeSt.com. He says the firm looked about four months at the market’s options, but moved forward on the Meridian Bank Tower lease because it had “great economics and building amenities.” He represented the inbound tenant while Younan’s terms were negotiated by Todd Noel with Dallas-based Trammell Crow Co.’s Phoenix office.

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