The high-tech firm will move to 1860 W. University Dr. from 410 S. Madison Ave., where it occupied 1,500 sf. "The company needed more space and was looking for an upgraded image,"says Tyler Smith of Grubb & Ellis/BRE Commercial LLC who brokered the deal along with Stephanie Hickok.
Smith tells GlobeSt.com that the firm expanded by 40% with the class B lease. The property consists of two single-story buildings, totaling 50,000 sf built in the mid-1980s. "The company had a lot of options because there's a lot of space down there," he says. He adds the company liked the fact the new space was near its existing office.
The University property is about 75% leased, according to Smith. He says 8,000 sf was recently emptied because the company wanted to park cars in the office building rather than the parking lot. The building owner, Johnson Grove Partnership, a Phoenix-based family trust, owns several office and industrial assets in the Valley.
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