Though the spec project has just been completed, Opus West has already obtained a signed letter of intent for a full-building lease. "The leasing activity here is very brisk," says Keith Earnest, vice president of real estate development for the Phoenix-based Opus West. He tells GlobeSt.com that the lease for the spec space will be finalized within two to three weeks.

Though details were not available on the transaction, Earnest says the marketed rate was $24.50 per sf and $25 per sf for tenant improvements. The buildings are located at the intersection of Via de Ventura and Loop 101 in the 252,335-sf Calendar Stick, a four-building office park. The other structures--both build-to-suits--are the 45,000-sf Calendar Stick C (home to Rural Metro Corp., which took possession of the property in January) and the 76,900-sf Calendar Stick D, which is being built for Scottsdale-based Hacienda Builders and scheduled for completion in March 2006. "We'll be managing the spec property, but the others are being managed by their companies," Earnest says.

Though the Calendar Stick collection will soon be completed, Earnest says Opus is developing more spec space at $16.50 per sf net annually. The 230,000-sf Pima Center, now under construction, will be completed in the fall.