The deal was one of the largest leases along the Interstate 17 corridor this year. "One of the main reasons they chose this particular building is because of the expansion possibility," Ray Cashen, with Cashen Realty Advisors of Phoenix, tells GlobeSt.com. "They have an option to take another 50,000 sf and the indications are that they are going to need it."
Cashen said the company, a subsidiary of London-based Pearson PLC, will move into the two-story, 740,000-sf, master-planned development in August. The corporate park, located on 140 acres at Interstate 17 and Thunderbird Road in Phoenix. also is occupied by AT&T, Tri West Healthcare, the State of Arizona and Bull Information Systems.
Cashen represented the building owner, CMBIII LLC of Phoenix, in the lease negotiations. The tenant was represented by Wally Hale with the Staubach Co. of Phoenix.
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