Ryan is developing and will own the three-story building that will come out of the ground at 140000 N. Pima Rd. Construction on Pegasus Solutions Plaza should get under way in early 2002.

Office leases have been rare this year, let alone a 100,000-sf deal. Through the third quarter, the Valley posted just 330,000 sf of positive net absorption. Until now, Scottsdale had a year-to-date negative net absorption of 17,600 sf.

Pegasus Solutions, which now has offices in Phoenix, will use the 100,000 sf to consolidate local IT, customer support and data center operations into the regional office location by January 2003. The company currently has 23 offices in 16 countries, with the Phoenix site recognized as its largest regional office.