Hines Renews 11,967 SF Lease for GPEC at Renaissance Square
PHOENIX, Arizona – Hines, the international real estate firm, announced it has renewed a long-term 11,976-square-foot lease for the Greater Phoenix Economic Council (GPEC) at Renaissance Square in Phoenix.
GPEC, which has been in Renaissance Square since its inception, will continue occupying its space on the 25th floor. The organization renewed an 8-year lease and is updating the office into a more modern and collaborative space.
Hines acquired Renaissance Square in 2008. The two-building office complex in downtown Phoenix is bounded by Adams, Central and Washington streets and 1st Avenue, and has 968,790 combined square feet.
“Hines is thrilled to retain GPEC, a long-standing tenant that makes a significant impact in the community,” said Steve Hamel, Hines’ general property manager of Renaissance Square.
Gabriel Partners will occupy the entire 22nd floor of Two Renaissance Square with collaborative office spaces. Gabriel Partners provides financial and risk analytics, intelligence, and regulatory advice to financial institutions, law practices and corporations. The firm will begin operating at Renaissance Square in June. “When we performed our due diligence on Phoenix and Renaissance Square, it was clear to us that this was an ideal place to continue the growth of our business. The proximity of both the city and the building was simply ideal,” said Christopher R. Brauser, CEO of Gabriel Partners. Pat Devine with Cushman & Wakefield represented Hines and Ryan Bartos with Savills Studley represented Gabriel Partners in the transaction. “Recent capital improvements of modern finishes and enhanced tenant amenities helped attract Gabriel Partners to Renaissance Square. Hines is continuously enhancing the quality of our tenant experiences,” said Steve Hamel, Hines’ general property manager. Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. Hines Completes 19,000 SF Lease for Gabriel Partners Expanding to Phoenix
PHOENIX, AZ – Hines, the international real estate firm, today announced it has signed a 19,200-square-foot lease at Renaissance Square for Gabriel Partners, a Cleveland-based financial risk and compliance firm expanding to the Phoenix market.
Menlo Equities Purchases Thistle Landing Office Park in Phoenix
PHOENIX, AZ – Cushman & Wakefield, a global leader in commercial real estate services, announced today that an affiliate of Menlo Equities LLC purchased the remaining three buildings of the Thistle Landing office park located at 4801, 4805 and 4811 E. Thistle Landing Drive, Phoenix.
Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield represented the seller, Torchlight Investors LLC of New York, in the disposition. No outside broker was involved.
Thistle Landing includes four single-story, Class A office buildings built in 1998. The three-building acquisition totaled 282,503 square feet. Separately, the buildings are 101,006-square-feet (4801 E. Thistle Landing); 90,944-square-feet (4805); and 90,553-square-feet (4811).
“Thistle Landing is ideally located in the explosive growth corridor of the Southeast Valley,” Toci said. “High-paying employment opportunities in the technology and medical fields are luring well-educated workers to the area to avoid congested freeway commutes.”
Menlo Equities, based in Palo Alto, CA, now owns the entire 383,509-square-foot Thistle Landing Office Park, located at 48th Street and Ray Road. It features an abundant 6/1000 parking ratio. The property is 100% leased to investment-grade and blue chip tenants Fiserv Inc., United Healthcare, DISH Network and OptumRx.
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.