The Van Nuys, Calif.-based firm, which is one of the nation's largest home warranty companies, will staff the new office with customer service employees who will assist home buyers in selecting a home warranty protection plan. This is First American Home Buyers Protection Corporation's first location in the Valley.
The company consolidated its operations from several West Coast facilities into a single space in Phoenix, according to Mike Beall, an executive director with Cushman Wakefield who represented the tenant. Tom Atkinson, a vice president and designated broker with Cassidy Turley BRE Commercial and Jason Moore, formerly with Cassidy Turley BRE Commercial, represented the landlord, Harsch Investment Corporation.
Beall says First American Home Buyers Protection Corporation was attracted to Phoenix's abundant labor pool and low cost of living. The company considered locations in both northwest Phoenix and the Southeast Valley, but eventually decided the 67,765-square-foot Rose Garden facility offered a convenient location for prospective employees. Moreover, it boasts parking availability of 7:1,000.
With the First American lease, the flex-industrial building is 90 percent occupied, according to Atkinson says. The asking rate for the 10-year-old facility is $12 per square foot, triple net.
The space that First American leased was formerly occupied by a subsidiary of Lehman Bros. When the company folded, it left behind a "plug and play" space with nearly new cubicles. The space needed minimal tenant improvements. "First American could pretty much move right in," Atkinson says.
The Greater Phoenix Economic Council, an economic development agency that represents 13 counties that make up the greater Phoenix metro area, was instrumental in bringing First American Home Buyers Protection Corporation to Phoenix. The organization was not available to comment on whether any economic incentives were offered for the relocation.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
