Search
 

M&I Bank Takes 45,609 SF

PHOENIX-M&I Bank inks a new pact for 45,609 sf of class A-minus space that will keep its regional headquarters in One East Camelback until 2016. The bank will occupy the entire 10th and 11th floors, along with first-floor bank branch space.

By Jennifer D. Duell | Updated on April 22, 2005

PHOENIX-M&I Bank has elected to keep its regional headquarters in One East Camelback. The bank inked an 11-year lease for 45,609 sf of class A-minus space. The new lease includes an 8,887-sf expansion and building signage on three sides of the 200,000-sf, mid-rise building.”They wanted the building signage, and I don’t think they would have stayed if we hadn’t given it to them,” Kelly McKone of Cushman & Wakefield of Arizona Inc. tells GlobeSt.com. “I think the signage really gives the building a presence in the market.” He and Tim Whittemore represented the building owner, a partnership based in the Middle East. M&I Bank were represented by Tom Adelson of CB Richard Ellis Inc. M&I Bank has been a tenant at One East Camelback Rd. since 1985. Currently, the bank occupies roughly 36,722 sf on the first and second floors including 6,000 sf of bank branch space in the lobby. With the new pact, the bank will relocate and will occupy the entire 10th and 11th floors, McKone says. Tenant improvements, which are being managed by Susan LaGanke of Cushman & Wakefield, are expected to be completed by Aug. 1. With M&I Bank’s expansion, the 1970s-era One East Camelback is 50% occupied. The quoted lease rate for the building is $18.50/sf. According to McKone, M&I Bank explored the market and spent nearly eight months negotiating the new lease. “The ownership is ecstatic they’re staying,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.