PHOENIX, ARIZ. – Transwestern Commercial Services (TCS) today announces it has completed a long-term, 16,000-square-foot lease for Tallwave’s new downtown Scottsdale headquarters at 4110 N. Scottsdale Road. Justin Himelstein, TCS Senior Vice President and leader of the Phoenix Occupier Solutions group, has provided real estate advisory services for the business design and innovation firm since 2010.

Himelstein has assisted Tallwave in six leases as it expanded from its first 500-square-foot lease. At its new headquarters, Tallwave has the option to expand. Himelstein negotiated a term well below market rate while garnering above-market concessions.

To accommodate future growth, Tallwave moved its headquarters from central Scottsdale to the Scottsdale Financial Center 1 at Indian School and Scottsdale roads near a growing number of technology companies such as Weebly and Yelp.

“Tallwave desired the fresh, vibrant energy in downtown Scottsdale, which matches the creative company’s culture,” Himelstein said. “Restaurants, retail and other walkable amenities are nearby, as is a young and high-quality employment base. With a low vacancy of 5% in downtown Scottsdale, we were happy to find a space that suits Tallwave’s needs so well.”

The collaborative space has an open feel with numerous glass windows, large meeting rooms, huddle rooms, a large conference room, and a relaxation room where staff can take a break and decompress. Tallwave recently completed a five-month tenant improvement project designed by Phoenix Design One and constructed by Stevens-Leinweber of Scottsdale.

“Tallwave is preparing for growth in the coming years,” said Jeffrey Pruitt, CEO of Tallwave. “Justin has expertly advised us on our real estate needs as our business has expanded during the last decade. He found spaces that improve our company’s bottom line, and we are thrilled with our new headquarters that fits our specific needs perfectly.”

Phoenix, Ariz. – Lee & Associates recently hosted an open house for more than 65 brokers at Elevate 24 located at the corner of 24^th Street and Camelback, one of the nation’s premier intersections. The newly renovated buildings feature over 323,000-square-feet of Class A office space with unparalleled amenities.

The project is centrally located in the Camelback Corridor with close proximity to Sky Harbor Airport and easy freeway access from anywhere in the Valley, making it an ideal location. The property features immediate availability ranging from 750 RSF to 31,733 RSF with brand new spec suites, newly renovated common areas and entrance, on-site property management, below-grade structured parking and large, efficient floor plates perfect for any size tenant.

“The premier location along with world-class amenities make this a perfect space for any office tenant,” shared Matthew Benbassat, Executive Vice President at Regent Properties. “We knew selecting this building in such an iconic neighborhood would easily draw a diverse mix of tenants looking for more than what the typical office building provides.”

Amenities include conference rooms, on-site gym with locker rooms and showers, on-site deli, free high-speed Wi-Fi throughout the campus, cornhole, bocce ball, croquet, 10 collaborative meeting areas, Fitbit course, underground parking, on-site property management and shaded outdoor workspaces.

For information on Elevate 24 leasing opportunities, contact Bill Blake at [email protected] or Gregg Kafka at [email protected] or call 602-956-7777.

PHOENIX, ARIZ — The Arizona Chapter of NAIOP, the commercial real estate development association, is celebrating several important victories with the end of the 2019 Arizona legislative session.

Rep. Ben Toma, R-Peoria, led the charge to dramatically curtail the misapplication of the Speculative Builder Tax by cities and the Arizona Department of Revenue. These important changes went into effect on April 1 and included a prohibition on applying the tax to redevelopment projects, tax credits for payment made by prior property owners, deduction of lease values, and exemption from taxation of tenant improvements made after completion of the building shell.

NAIOP supported SB1235, sponsored by Sen. J.D. Mesnard, R-Chandler, and SB1248, sponsored by Sen. Vince Leach, R-Tucson. Gov. Doug Ducey signed both bills into law. SB1235 codified that possessory improvements on certain government-owned lands qualify for a limited property value and that county assessors must value them as real property rather than personal property.

SB1248 protects the intent of Prop. 115 as passed in 2012 to limit the annual growth in the limited property value of locally assessed properties.

“We are pleased that the legislature passed important taxpayer protections with SB1235 and SB1248,” said Suzanne Kinney, President and CEO of the Arizona Chapter of NAIOP. “These new laws will provide greater certainly for developers, including those working on impactful redevelopment projects.”

Arizona is positioned to become a leader in the emerging field of PropTech, with the implementation of HB2673, sponsored by Rep. Jeff Weninger, R-Chandler. This bill provides a temporary regulatory reprieve for entrepreneurs who want to test innovative new products.

An important defeat came with the demise of SB1147. This legislation would have put burdensome requirements in place for cities to sell or lease municipal land or buildings for economic development activities and would have negatively impacted Government Property Lease Excise Tax (GPLET) projects.

The legislature and Gov. Ducey arrived at an agreement on an $11.8 billion budget on Memorial Da

“This budget is good news for commercial real estate,” Kinney said. “It supports continued, healthy economic growth.”

Key elements of the budget that NAIOP supports include income tax reform, strengthening of the Rainy-Day Fund, and debt repayment. NAIOP also applauds the increased funding for teacher salaries, career and technical education (CTE), community colleges and state universities, and transportation infrastructure. A companion bill to the budget brings state tax law into compliance the U.S. Supreme Court case, South Dakota v Wayfair Inc., related to the taxation of e-commerce.