PHOENIX—CBRE has completed two office leases totaling 67,335 square feet in Metropolitan Phoenix. The leases are representative of new office requirements by the state of Arizona for the newly created Child Safety and Family Services agency.
A 26,265-square-foot, full-floor space in West 101 Corporate Center, which is owned by Los Angeles-based Regent Properties and located at 1860 N. 95th Lane in Phoenix, will service CSFS's West Valley clients. The second location is a 41,070-square-foot office building at the Corridors business park, formerly owned by Chicago-based The Alter Group and recently purchased by Los Angeles-based Adler Realty Group. Located at 1925 W. Pinnacle Peak Rd. in Phoenix, this location will service North Phoenix.
Jim Bayless, Ashley Brooks and Jenny Aust with CBRE's Phoenix office negotiated the long-term lease transactions on behalf of Regent Properties and The Alter Group. The state of Arizona was represented by Chris Corney with JLL's Phoenix office.
1860 N. 95th Lane is a three-story, class A office building located within the West 101 Corporate Center master-planned business park. The property benefits from proximity to more than 1 million square feet of retail amenities, including Gateway Pavillions and Gateway Crossing. The building also has immedate access to the I-10 and Loop 101 freeways. The tenant, whose lease agreement brings the property to 72 percent leased, will take occupuancy in early November.
An 80-acre business park, Corridors currently features single-story buildings as well as land for expansion and build-to-suit opportunities. Located near the southeast corner of Pinnacle Peak Road and the I-17 freeway, the park benefits from proximity to more than 1.7 million square feet of retail amenities. The Child Safety and Family Services lease, whose operations will take occupancy of in early December, brings the business park to 88 percent leased.
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