The law firm of Ryley, Carlock & Applewhite plans to lease 38,000 sf in the 20-story Phelps Dodge Tower currently under construction at the northeast corner of Central Avenue and Washington Street. The building, under development by Ryan Cos., will be the corporate home for copper giant Phelps Dodge when completed by the fourth quarter.
Phelps Dodge's relocation from another office building in uptown Phoenix marks the first time in more than a decade a corporation has moved into downtown Phoenix. The Fortune 500 company will occupy 173,800 sf of the 407,000-sf tower.
The tower is the second major office project to go up in downtown in recent history; the 22-story Collier Center, about a block to the east of the Phelps Dodge Tower, was completed late last year.
The law firm is moving from 101 N. Central Ave., which is just down the street.
The 20-story office building, which will get its the final steel beam this week, includes retail space along the ground floor level.
The Phoenix office of Patricia B. Boyd & Associates, with broker Patti Boyd, and the Phoenix office of CB Richard Ellis, with broker Brad Anderson, negotiated the lease for Ryan. The Phoenix office of Coldwell Banker, with broker Jay Hoselton, worked with the law firm.
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