Midtown Remains Prime Location for Corporate Tenants

Eide Bailly has occupied a full floor in the building for more than a decade.

PHOENIX—Phoenix’s Midtown office market remains a prime location for corporate tenants to grow and thrive at affordable rents. This is evidenced by a recent 19,380-square-foot lease renewal and expansion completed at the BMO Tower at Central Arts Plaza on behalf of tax accountant and CPA firm Eide Bailly LLP , according to the Phoenix office of JLL. Eide Bailly has occupied a full floor in the building for more than a decade. With this renewal, the accountant recommits to its Midtown presence, with plans to renovate the office space to accommodate growth and better serve clients across the region. The Phoenix office is one of 29 Eide Bailly locations serving more than 54,000 clients across the country. Formerly known as Viad Corporate Center , BMO Tower at Central Arts Plaza is located at 1850 N. Central Ave. It totals approximately 500,000 square feet of class-A space in 24 stories, making it Phoenix’s fifth-tallest office building. Amenities at the project include an on-site café, outdoor lounge, fitness center, conference center, performing arts theater and a two-acre park. Notable tenants in the tower include BMO Bank, Cavanaugh Law, Cramer-Krasselt, PWC and Stinson Leonard Street Law Firm . JLL managing director John Pierson and associate Trevor Pratt represented Eide Bailly in the lease transaction. The building owner, McCarthy Cook & Co. , represented itself in the negotiations. “Eide Bailly originally chose this building for its proximity to downtown Phoenix, its adjacency to the metro freeway system, its rental economics and its professional image. After 10 years, the project still delivers these same advantages, along with a growing list of cultural and corporate amenities in Midtown,” said Pierson. “It is a great place for Eide Bailly to stay and continue to grow, as it serves its clients.” According to JLL’s 2016 Skyline report, Midtown Phoenix offers an attractive central location option for corporate tenants, and will remain so as rents in downtown Phoenix continue to rise–now sitting at an average $23.75 per square foot for Skyline space and an average $28.29 per square foot for trophy Skyline space. Pierson tells GlobeSt.com: “Midtown still has many value opportunities, especially for tenants wanting to relocate out of submarkets like the Camelback Corridor or Downtown Phoenix, but without losing the amenities of a central corridor address.