PHOENIX-Aetna Insurance has decided on a presence at Liberty Cotton Center Business Park with the development of a two-story, 140,000-square-foot office building. Cotton Center park owner Liberty Property Trust will launch construction on the building sometime this month, with delivery set for June, 2013.
“Aetna is a valued national Liberty customer and we are pleased to have the opportunity to work together in Arizona,” says John DiVall, senior vice president and city manager for Liberty’s Arizona region in a press release describing the transaction. Aetna signed a long-term lease on the building, which is being designed for LEED certification. Balmer Architectural Group designed the building and Wespac Construction is the general contractor. Both companies are in Phoenix.
“Phoenix is an attractive place to do business, the center of a dynamic regional economy,” says Tom Kelly, president of Aetna Medicaid, in a release. “We like the Cotton Center location, and the LEED certification is a strong enhancement."
Aetna was represented by Jones Lang LaSalle’s national Corporate Solutions Team, with local representation by John Pierson. Liberty Property Trust was represented by Mark Detmer, Bo Mills, Jackie Orcutt, Karsten Peterson and Dave Seeger of Cushman and Wakefield of Arizona Inc.
The Aetna build-to-suit is Liberty Trust's fourth development at the 100-acre, master-planned business park since Liberty Trust acquired it in 2007 in a commercial real estate transaction that included nine buildings and 38 acres. Seven acres remain, which could conceivably support 100,000 square feet. Liberty Cotton Center is located within the 280-acre Cotton Center, and contains close to 1.2 million square feet of flex, office-industrial and R&D space.
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