The federal agency will operate a teleservices center from the location, which takes up more than a floor in the uptown high-rise. It is relocating the operation from 4520 N. Central Ave.
With the lease, the 220,000-sf office tower is now 98% leased. A nearly full-leased building in the mid-town area is more the exception than the rule for that submarket. With a vacancy rate of nearly 13% for office space, the uptown area is among the worst performing large office areas in the Valley. There is more than 1.2 million sf of available of space. The Valley's overall vacancy rate for office is about 10%.
Chris Latvaaho of the Phoenix office of Cushman & Wakefield of Arizona Inc. has represented the Social Security Administration. Joe Moody and Tim Whittemore, also of Cushman & Wakefield, have acted on behalf of the building owner, Tucson-based Pinnacle Property Management.
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