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Homebuilder Doubles Office With 9,455-SF Deal

PHOENIX-Element Homes signs a five-year lease to get an extra 5,178 sf in the class A One Gateway. The two-year tenant will get the keys to the second floor before the month ends. With the new deal, the 107,654-sf office building's occupancy climbs to 86%.

By Jennifer D. Duell | Updated on May 06, 2005

PHOENIX-A local homebuilder has nearly doubled its presence in One Gateway. Element Homes, under the umbrella of Hanneman Group LLC, inked a five-year pact for 9,455 sf of class A office space to get an extra 5,178 sf.

Element Homes had a couple of years left on its existing lease in the 107,654-sf office building at 426 N. 44th St., according to Allen Aldridge, asset manager for Chicago-based CMD Realty Investors Inc. The two-year tenant will move into the expansion space on the second floor this month, Aldridge tells GlobeSt.com. He says the deal takes occupancy to 86% in the four-story One Gateway. The 20-year-old building, one of three in an office complex with 436,687 sf near Sky Harbor International Airport, has a quoted rate pushing $18 per sf. Michael Beall and Tom Johnston with Cushman & Wakefield of Arizona Inc. brokered the direct deal for CMD Realty.

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