PHOENIX-Meritage Homes has solidified its plans to move to its headquarters to Raintree Corporate Center III by signing a long-term, 57,784-square-foot lease at the office building. Meritage, the ninth-largest public homebuilder in the United States, will relocate from its current digs at 85th Street and Perimeter Drive to the 167,300-square-foot building in early 2014.
Brad Anderson, Bryan Taute and Michael Strittmatter of CBRE’s Phoenix office represented the landlord, iStar Financial Inc. of New York, NY, in negotiating agreement for space at 8800 E. Raintree Dr. The tenant was represented by Tom Adelson, also in CBRE’s Phoenix office. The exact terms of the transaction were not disclosed, though asking rents in the area can range between $18 per square foot to $26 per square foot.
“We are extremely pleased to have such a strong, locally-based group in Meritage Homes join our fantastic project, and look forward to watching them grow throughout the country in the years to come,” says David Sotolov, senior vice president at iStar in a press release.
Meritage builds a variety of homes across the Southern and Western states to appeal to a wide range of buyers, including first-time, move-up, luxury and active adults. The new lease brings Raintree Corporate III to close to 90% occupancy.