Sargent & Lundy, headquartered in Chicago, is a national firm that provides consulting, engineering, design and analysis for the energy industry, including nuclear power. Paul S. Anton, owner and managing member of Elmalon Partners LLC, the park's developer, says the 16,275-sf lease is Sargent & Lundy's market entry. The office at 1860 N. 95th Lane will house 60 to 80 engineers and support staff. Move-in is planned for October.
Anton tells GlobeSt.com that competition for the tenant was fierce, with Elmalon Partners competing against three other building owners. He says Sargent & Lundy liked West 101 Corporate Center's location at the intersection of State Hwy. 101 and Interstate 10 as well as the nearby amenities.
"We felt they were the ideal tenant as they are looking for a quality, corporate image," Anton says, adding Sargent & Lundy is prospering and expanding due to its work in rebuilding the country's power infrastructure. "This is a perfect example of capturing a quality tenant wanting to expand into the Phoenix area," he adds.
CB Richard Ellis senior vice president Jim Bayless and assistant Kelley Morrison in the Phoenix office represented Elmalon in the transaction. Vince Femiano, vice president in Transwestern's Phoenix office, and Stacey Birndorf, executive vice president in Chicago, were the tenant representatives.
Although there are no set deals for the remaining space at West Corporate 101 Center, Anton acknowledges he's been surprised by the level of interest. "We do hope before the end of the year to get one or two other tenants signed up," he says.
The just-completed West 101 Corporate Center is the last building for the 37-acre West 101 Commerce Center, a master-planned business park that includes two 30,000-sf office buildings, 50,000-sf building leased to the University of Phoenix and a Marriott hotel. Carlson Real Estate Co. of Phoenix also was involved in the development, which got underway in late 2004. "We've sold all the land, with the exception of the 5.3-acre site that this building sits on," Anton says.
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