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Western Refining Signs 10-Year, Class A Lease

TEMPE, AZ-The El Paso-based company will consolidate three offices that it inherited in a merger. The 70,000-sf lease is one of the top three office deals for 2007.

By John McCloud | Updated on December 28, 2007

TEMPE, AZ-An El Paso-based company, looking to consolidate three Phoenix-area offices due to a merger, has signed what its brokers claim is one of the three largest office deals for 2007 in the Greater Phoenix market. Western Refining Inc., which acquired Scottsdale-based Giant Industries Inc. at the end of May, signed a 10-year lease for 70,000 sf of class A office space.

Larry Downey and Jerry Jacobs, executive director and senior director, respectively for Cushman & Wakefield of Arizona Inc. in Phoenix, represented Western Refining in the transaction for 1250 W. Washington St. The brokers would not reveal the final rent, but the asking rate in the 96,000-sf building is $27 per sf annually, which would give the deal a total value of about $17.5 million. The average rent for class A space in the Tempe submarket is $25.67 per sf, according to the third-quarter report from Grubb & Ellis Co.

The building, completed in November, is phase three of Papago Buttes Corporate Plaza, a 436,996-sf complex developed and owned by Principal Global Investors of Des Moines and Phoenix-based Metro Commercial Properties. The first two phases are fully leased. Michael Beall, Kathy Gibbs and Chris Walker, also with Cushman & Wakefield, represent the owner of the complex, which is in the 522-acre Papago Park Center business park.

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