CHANDLER, AZ-Taking the role of lead tenant for the just-completed, mixed-use Park at San Tan, NCS Pearson Inc. is consolidating its Phoenix-area operations with a $50-million, class A office lease. The 135,460-sf lease, spanning 13 years, goes into effect Nov. 15, with move-in to be done by Jan. 1.
Jim Watkins, principal with Lee & Associates' Phoenix office, says NCS Pearson is leasing 60% of the 216,000-sf tower at 3075 W. Ray Rd. The tenant has tapped three full floors and parts of two others. Watkins and Lee & Associates principal Mike McQuaid represented the building owner, J.F. McKinney & Associates and Lane Industries, both from Chicago.
Watkins says the deal moved quickly because the tenant had time constraints. NCS Pearson owns a 90,000-sf building at 827 W. Grove Ave. in Mesa and leases 40,000 sf at 6710 E. Camelback Rd. in Scottsdale. “The Scottsdale lease expires at the end of this year and they already have a buyer for the building, who's willing to let them stay for a little while longer,” Watkins tells GlobeSt.com.
According to Watkins, NCS Pearson primarily searched the Scottsdale and Chandler areas for a consolidation site. The tenant reps were Thomas F. Adelson, executive vice president with CB Richard Ellis, and Richard Berzine and Robert DeAngelis of Richard Berzine & Co. Ltd. in New York City.
“This location is superb,” Watkins says. “Plus this is really the only class A, mixed-use project to deliver this year in Chandler. No other office project has delivered in Chandler nor will one deliver next year.” The Park at San Tan's quoted rate is $28 per sf to $29 per sf, full service.
Park at San Tan received its certificate of occupancy in August. In addition to the office tower, the project has 20,000 sf of retail space, three retail pads, each measuring more than one acre, and 27,000 sf of office condominiums. De Rito Partners Inc. of Phoenix has been leasing the retail, which is now 90% occupied.
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