CHANDLER, AZ-Toyota Financial Services has decided to keep its administrative and call center operations at San Tan Corporate Center I. The automaker signed a five-year, 133,317-square-foot lease renewal for the class A space located at Ray Road and the Loop 101.
Toyota received assistance in lease negotiations from Greg Bast and Wally Hale, managing directors in Jones Lang LaSalle’s Phoenix office, and Wade Clark and Ronda Clark, executive vice presidents in Jones Lang LaSalle’s Orange County office.
“We started the process about a year ago, and we did test the market,” Bast tells GlobeSt.com. “Toyota wanted to stay in Chandler, so we went out and got some very aggressive proposals from other buildings in Chandler, as well as looking at build-to-suits. They had a couple of very good options in addition to their current building.”
Bast says the proposals allowed Toyota to make an informed decision about the economics of staying put or relocating. “In this market, the landlords are being very aggressive when they go after quality tenants like Toyota,” he notes. “We were expecting their existing landlord, Wells REIT II, to get very aggressive and they did. Ultimately, the best deal was for them to stay right where they were,” he explains.
Toyota Financial Services has been a tenant at San Tan Corporate Center I since 2001. “Originally, Toyota did not occupy the entire building, but over time, they’ve grown into it,” Bast notes, adding that the class A facility houses about 500 Toyota employees.
Recently, the property earned LEED Gold certification by the U.S. Green Building Council.
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