{"id":1004539726,"date":"2021-06-11T09:42:44","date_gmt":"2021-06-11T17:42:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004539726"},"modified":"2022-12-08T11:21:55","modified_gmt":"2022-12-08T19:21:55","slug":"western-alliance-expands-downtown-phoenix-footprint","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/western-alliance-expands-downtown-phoenix-footprint\/","title":{"rendered":"Western Alliance Expands Downtown Phoenix Footprint"},"content":{"rendered":"
\"\"<\/a>

Block 23. Image courtesy of RED Development<\/p><\/div>\n

Just a few months after expanding its headquarters at Phoenix\u2019s CityScape<\/a>, Western Alliance Bank has signed another downtown lease. Arizona\u2019s largest locally headquartered bank will occupy the entire sixth floor at Block 23, RED Development’s 1.3 million-square-foot mixed-use property. The leased space, totaling 45,541 square feet, will accommodate more than 700 employees starting early 2022.<\/p>\n

Completed in 2019 at 101 E. Washington St., Block 23 is a live-work-play destination encompassing 230,000 square feet of office space, 332 luxury apartments, and 81,000 square feet of retail and restaurant space that includes Fry\u2019s Food and Drug, downtown\u2019s only full-scale grocery store. The property also has a parking structure totaling 523,000 square feet.<\/p>\n

The building\u2019s office component spreads across five floors, featuring floor-to-ceiling windows and 45,000-square-foot open floorplans, among the largest in Downtown Phoenix. Western Alliance will join other big companies on the roster, such as Ernst & Young, the development\u2019s first office tenant, and CVO Holding Co., which moved to the location in late March.<\/p>\n

Situated near Phoenix Suns Arena and Chase Field, Block 23 is across the street from CityScape, the other headquarters location of Western Alliance Bank. The immediate area has numerous shopping and dining venues.<\/p>\n

Downtown Phoenix leasing activity<\/h2>\n

Western Alliance\u2019s second downtown lease marks one of the largest office transactions in the Valley since the onset of the COVID-19 pandemic. The largest was the 115,000-square-foot contract signed by Snell & Wilmer at CityScape in May, while the second in size was Western Alliance\u2019s headquarters expansion in February.<\/p>\n

Despite the large leases involving properties located in the Central Business District, office direct vacancy was 16.8 percent in Phoenix\u2019s Downtown submarket in the first quarter of 2021, with Class A offices at 18.4 percent vacancy, according to a recent Colliers report.<\/p>\n

The metro’s office vacancy averaged 13.8 percent in the first quarter of 2021, on par with the year-over-year rate. This was also the second consecutive quarter with negative absorption, ending at -372,905 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bank has signed one of the largest office leases in the Valley since the onset of the pandemic.<\/p>\n","protected":false},"author":870,"featured_media":1004539727,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21742,21747,1601,15],"tags":[44177,44396],"class_list":["post-1004539726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-latest","category-office","category-phoenix","category-west","tag-red-development","tag-western-alliance-bank"],"acf":[],"yoast_head":"\nWestern Alliance Expands Downtown Phoenix Footprint - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/western-alliance-expands-downtown-phoenix-footprint\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Western Alliance Expands Downtown Phoenix Footprint\" \/>\n<meta property=\"og:description\" content=\"The bank has signed one of the largest office leases in the Valley since the onset of the pandemic.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/western-alliance-expands-downtown-phoenix-footprint\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-11T17:42:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:21:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Block-23-e1623428216955.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"830\" \/>\n\t<meta property=\"og:image:height\" content=\"622\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/western-alliance-expands-downtown-phoenix-footprint\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/western-alliance-expands-downtown-phoenix-footprint\/\",\"name\":\"Western Alliance Expands Downtown Phoenix Footprint - 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