McCullough Mortgage has subleased more than 14,500 sf in theBiltmore Lakes, a 207,000-sf, class A office building at 29thStreet and Camelback Road. McCullough Mortgage reportedly leasedthe space significantly below market rate. Class A office spacealong the Camelback Corridor typically leases for between $27 persf and $30 per sf.

North American Mortgage leased the space to McCullough Mortgage.The new tenant will use the office space for its residentialmortgage business.

The Valley's overall vacancy rate officially is 15.2%, accordingto a recent survey by Grubb & Ellis Co. But millions of squarefeet of "shadow space," vacant space that's available for lease,doesn't show up in the survey. That additional space brings theoverall vacancy rate closer to 18%.

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