Syntellect Inc., a Toronto-based call center operator, worked out an early renewal, taking 26,553 sf and shedding 10,000 sf at 16610 N. Black Canyon Freeway. Valdel Xtent Outsourcing Solutions Ltd. picked up Syntellect's excess space to establish its first office in the Valley, signing a direct deal with the local building owner, Hannay Investment Properties.
"Syntellect had to find a tenant for the space it wanted to vacate or it couldn't have stayed in the building," Jim Bayless, a senior associate with CB Richard Ellis Inc.'s local office, tells GlobeSt.com. Teaming with Ashley Brooks, Bayless represented Syntellect in the negotiations.
According to Bayless, Valdel Xtent first was interested in subleasing the space, but preferred to do a direct lease when offered that option. The firm, headquartered in India, was represented by Charles Daggett of Mohr Partners' local office.
Syntellect's reworked lease has a payout of $2.2 million while the Valdel Xtent pact puts $1.5 million into the till for Hannay Investment Properties, which had an in-house broker negotiate its terms. The double deal hangs a "no vacancy" sign on the five-year-old, 109,337-sf Denali Office Complex.
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