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First Financial Expands to 19,520 SF

SCOTTSDALE, AZ-First Financial Equity wraps up talks on a six-year deal to enlarge its office from 17,265 sf to 19,520 sf at Scottsdale Centre. The original tenant in the late 1980s-era, class A building gets adjacent space and a finish-out averaging $12 per sf.

By Amy Wolff Sorter | Updated on August 23, 2005

SCOTTSDALE, AZ-First Financial Equity Corp. has expanded its class A office space to 19,520 sf in Scottsdale Centre, adding 2,200 sf to the bottom line with a six-year commitment.

According to Kevin Brands, asset manager and senior vice president with Chicago-based CMD Realty Investors Inc., First Financial is one of the original tenants in the 166,178-sf building, built in the late 1980s at 7373 N. Scottsdale Rd. He tells GlobeSt.com that the six-year deal included reconstruction of two suites that belonged to a former tenant, which moved elsewhere within the Scottsdale Centre complex. “We redid that space to accommodate First Financial,” he says, adding the renovation cost averaged about $12 per sf.

Brands says the direct deal brings occupancy to 83%. With two deals in the pipeline, he says the asset will soon go to 94% occupancy. The building’s quoted rate is $25 per sf to $27 per sf.

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