PulteGroup Expands with Two Office Leases for 84,000 SF in Scottsdale & Tempe

(May 6, 2024) — PulteGroup Inc. has signed a pair of leases to expand the national homebuilder’s office footprint by 84,000 square feet in the Phoenix metro area.

Real estate brokerage firms’ reports for Phoenix Q1 2024 office market reveal that PulteGroup (NYSE: PHM) has chosen the newly built, high-quality office space at Axis Raintree. This 50,000-square-foot lease in the Scottsdale Airpark submarket is a testament to Pulte’s commitment to providing its employees with top-notch facilities.

According to previous reporting, Axis Raintree is a 175,112-square-foot spec office building developed by Trammell Crow Co. and PGIM Real Estate. It is one of the last infill office sites within the submarket. The building sits on 5.12 acres near Raintree Drive and 87th Street.

Pulte has also leased more than 34,000 square feet at Tempe Gateway near Tempe Town Lake, at 222 S. Mill Avenue, a building owned by Atlanta-based Cousins Properties (NYSE: CUZ). In its Q1 earnings call, Cousins confirmed the new lease.

Richard Hickson, executive vice president at Cousins, expressed his excitement about the new lease with Pulte Homes at Tempe Gateway. This lease, along with other recent deals, clearly indicates the strong demand for well-amenitized and newly redeveloped lifestyle office space in the area, boosting optimism around the redevelopment of the Hayden Ferry project in Tempe.

According to the City of Tempe documents, on April 4, the City issued Pulte a permit for the interior demolition of 222 S. Mill Avenue as part of a tenant improvement.

CBRE Group Inc.’s Bryan Taute and Spencer Nast are the leasing brokers of record for both of the new office buildings.