PHOENIX, AZ – Hines, the international real estate firm, recently completed a 60,000-square-foot long-term lease for Jones, Skelton & Hochuli at its downtown Renaissance Square.
The Phoenix-based firm with 80 attorneys and 125 support staff will be relocating from mid-town Phoenix to the new downtown Phoenix location. The law firm specializes in trial practice, insurance law, personal injury defense, commercial litigation, defense of corporations, self-insured professionals, governmental entities, insurance companies and medical malpractice carriers.
Managing Partner at Jones, Skelton & Hochuli William D. Holm said, “Moving to Renaissance Square provides Jones, Skelton & Hochuli with greater access to the courts, and enables us to participate in the energy and vitality in downtown Phoenix.”
Jones, Skelton & Hochuli is leasing floors 24 – 27 with a balcony reception area on the 27th floor.
Other major tenants at Renaissance Square include Bryan Cave, Ernst & Young, Gammage and Burnham, Quarles & Brady and The Greater Phoenix Economic Council. Renaissance Square is a set of twin downtown buildings located on a full-city block at 2 N. Central Ave. and 40 N. Central Ave.
Property Manager of Renaissance Square Steve Hamel said, “Jones, Skelton & Hochuli is a high-quality tenant that will serve as a dynamic addition to Renaissance Square’s mix of business and community leaders.”
Chuck Nixon with CBRE represented the law firm and Pat Devine of Cushman & Wakefield represented Hines in the transaction.
Tucson Lease Report Week of July 20-24, 2015
Tucson Lease Report
The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from July 20 thru 24, 2015.
RETAIL – 7955 E. BROADWAY BLVD., TUCSON Mattress Firm, Inc. leased 4,800-square-feet in Tucson Marketplace Shopping Center at 7955 E. Broadway Blvd. in Tucson from Broadpan Properties, LLC. Aaron LaPrise and Greg Furrier, Retail Specialists with Cushman & Wakefield | PICOR, represented the landlord and Michael Clark with Velocity Retail Group, represented the tenant in this transaction.
OFFICE – 1880 E. RIVER RD., TUCSON ARC Therapy Services, LLC, dba Brookdale Home Health Tucson, leased a 2,920-square-foot office building at 1880 E. River Rd. in Tucson from Cambric Partners. Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.219.1649[/mepr-show]
INDUSTRIAL – 2440 W. RUTHRAUFF RD., TUCSON APRE Instruments, LLC leased 2,800-square-feet in Ruthrauff Commerce Center at 2440 W. Ruthrauff Rd., Suite 100 in Tucson from Presson Scottsdale, LLC. Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction.[mepr-show rules=”58038″] Asking lease rate $0.69 SF/MO Modified Gross; Tenant Phone: 860.398.5764[/mepr-show]
INDUSTRIAL – 3860 S. PALO VERDE RD., TUCSON Pioneer Equipment, Inc. leased 2,330-square-feet in Palo Verde Business Center at 3860 S. Palo Verde Rd., Suite 314 in Tucson from Palo Verde Trust Partners, LLC. Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord and Michael Coretz with Commercial Real Estate Group of Tucson, represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.63. – $0.64 SF/MO Modified Gross; Tenant Phone: 520.622.1638[/mepr-show]
INDUSTRIAL – 2440 W. RUTHRAUFF RD., TUCSON Desert Moonlight, LLC leased 2,000-square-feet in Ruthrauff Commerce Center at 2440 W. Ruthrauff Rd., Suite 170 in Tucson from Presson Scottsdale, LLC. Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.69 SF/MO Modified Gross[/mepr-show]
INDUSTRIAL – 1870 W. PRINCE RD., TUCSON Contreras Designs, Inc. leased 1,440-square-feet in Exchange Place at 1870 W. Prince Rd., Suite 28 in Tucson from Presson Corporation. Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.[mepr-show rules=”58038″] Asking lease rate: $0.74 SF/MO Modified Gross[/mepr-show]
INDUSTRIAL – 3925 E. 29th ST., TUCSON BioVeteria Life Sciences, LLC leased 1,280-square-feet in Midpoint Business Plaza at 3925 E. 29th St., Suite 401 in Tucson from Presson Midpoint, LLC. Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord and Bob Davis with Rein & Grossoehme Commercial Real Estate and now with Tango Commercial Real Estate, represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.62.SFR/MO Modified Gross; Tenant Phone: 928.776.1813[/mepr-show]
RETAIL – 3870 E. RIVER RD., TUCSON Mr. Louis DeSanto has leased 1,200-square-feet at 3870 E. River Road, Suite 110, from Marana Marketplace Partners, LLC. Great new martial arts studio that will serve clients of all ages; Great children programs offered; Opening October 2015. Lori Casey of Oxford Realty Advisors represented the Tenant and Andy Seleznov and Melissa Lal of Larsen Baker, LLC represented the Landlord in the transaction.
INDUSTRIAL – 1870 W. PRINCE RD., TUCSON TGS Outdoors leased 1,200-square-feet in Exchange Place at 1870 W. Prince Rd., Suite 66 in Tucson from Presson Corporation. Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.[mepr-show rules=”58038″] Asking lease rate: $0.74 SF/MO Modified Gross; Tenant Phone: 520.887.5439[/mepr-show]
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Phoenix Children’s Hospital Signs Lease at Biltmore Commerce Center
Biltmore Commerce Center
Brings landmark Camelback Corridor project to 96 percent leased
PHOENIX, AZ– Phoenix Children’s Hospital has committed to a 27,265-square-foot office lease at Biltmore Commerce Center, a Class A Camelback Corridor office building that was purchased just months ago by office investment and management expert Lincoln Property Company (LPC) and a fund managed by Oaktree Capital Management, L.P. (Oaktree). The company will move into Biltmore Commerce Center next month, bringing the project to 96 percent occupied.
The is the first lease new deal signed by the building ownership, which purchased Biltmore Commerce Center as part of more than $165 million in Phoenix-area investment activity in the early months of 2015.
“PCH was looking for a location close to its main hospital that could provide office-specific space for its growing administrative and executive functions. With its location and efficiencies, Biltmore Commerce Center fit that bill precisely,” said Lincoln Property Company’s Vice President Amr Ceran.“We are very pleased to welcome PCH to our tenant mix, and look forward to putting this project’s full advantages to work for them.”
Under the lease, Phoenix Children’s Hospital will ultimately occupy 27,265 square feet of space – a full wing on the project’s second floor. They will use the space for executive offices and for administrative functions including human resources and accounting.
Scott Maxwell of CRESA represented Phoenix Children’s Hospital in the lease negotiations. Lee & Associates’ Bill Blake, Craig Coppola, Andrew Cheney and Colton Trauter represented the landlord.
LPC has also completed a number of lease renewals at the project since its purchase, including Extreme Consulting and Strategy Wealth Management.
Located at 3200 E. Camelback Rd., on the northeast corner of Camelback Road and 32 Street in Phoenix’s prominent Camelback Corridor, Biltmore Commerce Center is known for its Alucobond® metal panel exterior and highly visible, street-facing water feature. The project totals three stories and 259,000 square feet, with efficient floorplates and an 11,000-square-foot, newly remodeled three-story atrium running through the interior first floor. It also includes ground-level parking and subterranean parking that provides quick and direct access to all tenant floors via two separate elevator banks.
Additional project renovations and features include remodeled corridors and lobbies, upgraded landscaping and the new street-facing water feature. The property has earned an average 94-point Energy Star rating over the past six years. In 2012, it was named The Outstanding Building of the Year (TOBY) by the Building Owners and Managers Association (BOMA).
The project sits across the street from two retail projects, with numerous dining, shopping and business services options.
“This is a true landmark Phoenix property, with the full support of LPC’s more than 50 years of asset and project management expertise behind it,” said LPC Director of Management Services Alisa Timm, who directs the project’s property management strategy. “Amenities like the central atrium and high-tech touches give it the power to remain at the top of the market.”
With the Phoenix Children’s Hospital lease, Biltmore Commerce Center is now almost 96 percent leased to a broad group of tenants including HDR Engineering, Coamerica, Lee & Associates, United Way, Greystar, North American Title Company, DeRito Partners and Miller Russell & Associates.
LPC is now under construction on a first-floor, 4,600 speculative office suite at the project, with estimated completion in late July. This, along with one additional 6,241-square-foot suite on the third floor, makes up the last available space at Biltmore Commerce Center. For additional leasing information or to discuss investment opportunities, please contact David Krumwiede or Amr Ceran at (602) 912-8888.
