"They came out of 411 N. Central Ave. when that building was acquired by the City of Phoenix for Arizona State University. The tenants needed to leave," says Todd Noel, senior associate with Trammell Crow Co. local office. Noel along with TCC's John Bonnell and Don Mudd brokered the deal on behalf of the New York City-based Capgemini.
Noel says the deal effectively doubles Alcock's space from its previous location. He tells GlobeSt.com that the attorneys have assumed the balance of Capgemini's lease, which expires in June 2010.
Space typically leases for $26 per sf in One Renaissance Square, owned by Denver-based Pauls Corp. Noel says the law firm negotiated some minor tenant improvements and got a rate in the high teens to low $20 per sf.
The 26-story One Renaissance at Two N. Central Ave. is a 489,157-sf structure with a 93% occupancy. Jerry Noble, Pat Devine and Greg Mayer, also with TCC in Phoenix, represented Alcock & Associates in the transaction.
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