"They needed to be centrally located in Tempe and close to the freeway," Rod Beach, a senior associate in Phoenix for Grubb & Ellis Co., tells GlobeSt.com. "It's a nice building for the price. We created a lot of value with the location."
Located at 401 W. Baseline Road, the Meridian was built in 1985 and offers 30,582 sf of class B office space inside two stories. Rent is $16 per sf.
The building's access to US Highway 60 and Interstate 10 was key in the deal, according to Beach, who represented Source One. CB Richard Ellis Inc. represented the owner, KBS Realty Advisors of Newport Beach, CA. The Source One deal brought the building up to full capacity. Source One previously operated from a smaller location in Tempe, and took over the new space from a graphic design firm.
Tempe's office market has begun to see increased activity over the last year, Beach says, thanks to its reputation as a premier location. With Phoenix's overall office vacancy rate at 20%, Tempe's vacancies hovered at 18%.
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