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GlobeSt.com EXCLUSIVE: State Stamps 74,495-SF, Class A Lease

PHOENIX-The State of Arizona Department of Water Resources plans to relocate from downtown to the Central Avenue Corridor. The organization works out a four-year pact worth $5.1 million for Meridian Bank Tower's owner.

By Jennifer D. Duell | Updated on June 02, 2005

PHOENIX-After more than 12 months of searching and negotiating, the State of Arizona Department of Water Resources has committed to a four-year lease for 74,495 sf of class A space in Meridian Bank Tower, becoming the largest tenant in the 275,000-sf building. Industry experts familiar with the pact say it’s valued at $5.1 million for the building owner.

The agency plans to move into the 20-story tower at 3550 N. Central Ave. in October, vacating Park Place at 500 N. Third St. in the downtown. The lease spans all of the second and fourth floors and part of the third, according to John Bonnell, a vice president with Trammell Crow Co.’s Phoenix office. “This deal was done very quietly although a lot of landlords were chasing it early on,” he tells GlobeSt.com.

According to Bonnell, the state’s existing lease was expiring. “They would have had to rework their space and they just decided it was better to move,” he explains.

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