The Salt Lake City-based Fat Cat's sublease for 2010 E. Centennial Circle is valued at nearly $5.4 million, according to Lee Copalman, an associate with Re/Max Commercial Investment in Scottsdale. "Fat Cat wanted a place that had an artistic feel rather than just an office building and that's why we ended up at the Research Park," he tells GlobeSt.com. He says the inbound tenant plans to hire about 150 people, but also is considering an eventual move of its corporate headquarters to the Valley.
Copalman says finding the right space for Fat Cat was a challenge. "We looked for more than a month," he recalls. "They needed space they could grow into and it had to be space that artists could work in around the clock--that was one of their major concerns."
Copalman says access to the building, security and parking were critical. "The Research Park was by far the best option," he says, adding "the views are inspiring." The studio group is planning to immediately move from 1801 S. Jentilly Lane.
According to Copalman, the second-floor sublease space wasn't on the market. "Once we identified Research Park, I just started calling brokers," he explains. "ASML had another building on the market for sublease, but when Fat Cat expressed an interest in this space, ASML decided to keep the other building and did a sublease with Fat Cat."
ASML, a semiconductor technology firm, has occupied the 113,040-sf building since 2001. It is holding onto 69,267 sf on the first floor for its North American training facility. To get the deal done, Fat Cat not only had to negotiate with ASML, but also gain approvals from ASU and building owner, Minneapolis-based Ryan Cos. Greg White of CB Richard Ellis Inc.'s Phoenix office represented ASML.
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