Phil Breidenbach, senior vice president with Colliers International's Phoenix office represented asset owner General Growth Properties. He says Snell & Wilmer's 187,748-square-foot deal allows the company to maintain its existing position in the building, which is located at 400 E. Van Buren St. The company has been at One Arizona Center since 1992.

"Their initial renewal came up in a couple of years and they started to look at their options," Breidenbach tells GlobeSt.com. "This was the right place and right time for both sides, and the tenant took advantage of the market conditions to make a great deal." Tenant representative Chuck Nixon with CB Richard Ellis' Phoenix office declined an interview request, citing a confidentiality agreement signed with Snell & Wilmer.

The U.S. Army's new 2,404-square-foot recruiting office is close to Arizona State University's School of Nursing, while Central Parking Systems, which took 1,755 square feet in the building to be closer to its clients. Breidenbach says both tenants are neat additions to the downtown submarket. "More importantly," he adds, "there are tenants looking at and leasing downtown, which we haven't seen in awhile." Matt Lyons with Hogan and Associates represented the U.S. Army Corps, while Colliers International provided tenant representation services for Central Parking Systems.

Breidenbach goes on to say that more leases for the 88%-occupied, 20-year-old One Arizona Center are in the pipeline. Furthermore, a couple of proposals are out. Though the market has been slow, especially in the CBD, there has been some recent, and decent, activity, Breidenbach remarks.

"The goal is to convert that activity into deals," he adds. "At least there are signs of life out there."