Cushman & Wakefield of Arizona Inc.'s senior director JerryJacobs says the Seattle-headquartered law firm signed a seven-yearlease for 11 W. Jefferson St. The firm will relocate from 2425 E.Camelback Rd. in Phoenix in February. Jacobs and C&W executivedirector Larry Downey negotiated the lease.


Jacobs tells the building has been gutted to shellcondition. The space is quoted at $24 per square foot to $30 persquare foot, with tenant improvement dollars based on the deal. Hesays the building's owner, Hansji Urban of San Diego, doesn't havea specific timeline for lease-up, given current marketconditions.


"We've had some other potential tenants looking at the building,but no other signed leases as yet," Jacobs says. "I think peoplesee that the windows are boarded up and think the building isclosed, but that's not the case. The windows are boarded justbecause of the renovation."


Hansji Urban acquired the 1920s-era Luhrs Building and itsneighbor, the 15-story, 163,000-square-foot Luhrs Tower in October2007 for $28million. The owner plans to start upgrading the95%-occupied Luhrs Tower at 45 W. Jefferson St. after therenovation is completed on the 10-story neighbor. Both buildingsare listed on the Phoenix Historic Property Register.

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