By Keith Loria
Transwestern negotiated a full-building lease at Desert Canyon 300, a three-story Class A office building in Phoenix to an institutional-quality, national tenant on behalf of the property’s landlord. The buyer will use the 149,211-square-foot space as its new information technology corporate office.
“The tenant was attracted to the space because it is in a highly functional, efficient, modern Class A building with a strong parking ratio and located very close to Interstate 17,” Jim Achen Jr., Transwestern’s senior vice president, told Commercial Property Executive. “We received significant interest from partial building users. However, we counseled the building owner to be selective and find the appropriate full-building user.”
Located at 2411 W. Peoria Ave., Desert Canyon 300 boasts a significant 7,100-square-foot data center and power capabilities, a cafeteria, high-quality workout facilities, and a 94-seat, plug-and-play presentation-size auditorium. There’s also an employee lounge, outside patio with misting system and five training rooms.
All in one
According to Achen, by transitioning the building from a multiple tenant to a single tenant occupancy, it allowed the owners to include Desert Canyon 300 as a larger portfolio sale and execute a strategic consolidation.
“This lease dramatically increased the building value because it is now fully occupied by an investment-grade tenant,” Achen said. “Desert 300 provides excellent proximity to major transportation and interstate arterials, allowing access to labor pools throughout the Valley.”
Transwestern’s team also included Bill Zurek and Brian Zurek. CBRE represented the tenant in the transaction.
In June, international joint venture Tysons Development LLC retained Transwestern to handle the leasing of 873,830 square feet of office space at The View, a 3-million-square-foot mixed-use development in Tysons, Va.
Image courtesy of Transwestern