Transwestern Announces Four Lease Transactions, Part Of Phoenix Area's Ongoing Recovery

Negotiated Leases Total Nearly 100,000 Square Feet

News provided by

Aug 13, 2013, 11:15 ET

PHOENIX, Aug. 13, 2013 /PRNewswire/ -- In a series of transactions reflecting the continuing recovery of the Phoenix office market, Transwestern today announced it brokered four long-term leases throughout the region, highlighted by a more than 52,000-square-foot renewal and expansion for Health Choice Arizona Inc. in the Phoenix Gateway Center at 410 North 44^th St. Health Choice Arizona has been a tenant at the Class A building for five years.

"This lease is just one of several recent transactions indicating a rebounding office market," said Transwestern Senior Vice President Bill Zurek. "Our research shows the Phoenix office vacancy rate is now below 20 percent. That's still behind the national vacancy rate of slightly less than 12 percent, but it's a very positive sign for Phoenix, especially since rental rates and net absorption also increased over the previous quarter."

The Gateway complex is owned by a joint venture between Pearlmark Real Estate Partners LLC and a subsidiary of a real estate fund managed by Oaktree Capital Management L.P. Transwestern is the property management firm for Gateway.

Transwestern Senior Vice President Jim Achen Jr. worked with Zurek in representing the building owner. First Vice President Mike Ragland of CBRE represented Health Choice Arizona.

Additionally, Transwestern negotiated a lease of nearly 34,000 square feet for Ameriprise Financial Inc. at Canyon Corporate Plaza II, located at 2512 Dunlap Avenue in Phoenix. Zurek and Achen worked on behalf of the building owner, Canyon Corporate Plaza Properties LLC. Dave Barrett of CBRE represented Ameriprise Financial.

CareerBuilder LLC leased nearly 5,000 square feet in Scottsdale Financial III, located at 7272 East Indian School Road in Scottsdale, Ariz. Transwestern Executive President Vineet Sahgal represented CareerBuilder with assistance from Zurek and Achen,. Brian Raczynski of Colliers International represented the building ownership.

Strategic Media Advertising leased nearly 7,000 square feet at Camelback Plaza West at 1990 West Camelback Road in Phoenix. Transwestern's Zurek and Achen represented the building owner, Southwest Commercial. Strategic Media worked on its own behalf.

"When we look at these commitments by several diverse types of businesses, the collective confidence stands out," said Achen. "It's a solid indication that Phoenix's economy is getting back on track."

ABOUT TRANSWESTERN

Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 180 offices in 36 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern.

Media Contact:
Jack Skelley, JSPR
310.490.4220
[email protected]

SOURCE Transwestern