PHOENIX-After a lengthy review of the market, EMCOR Group Inc.has decided to stay in its existing space at Koll CottonCenter.

|

The new five-year lease for 30,603 square feet of office spacewill save the firm 25% to 30% in occupancy costs, according toaccording to Todd Noel, a senior vice president with ColliersInternational. He and Keith Lambeth, also a senior vice presidentwith Colliers, represented the Fortune 500 company in leasenegotiations. The landlord, ING Real Estate, was represented byMike Goldwater of Commercial Properties Inc.

|

EMCOR Group, which provides mechanical and electricalconstruction and energy infrastructure services, uses the space asa call center. It has been a tenant at Cotton Center for 10 years,and its lease was set to expire later this year.

|

“EMCOR’s objective was to reduce occupancy costs,” Noel tellsGlobeSt., adding that the company had eight to 10 quality optionsin addition to Cotton Center. After six months of market evaluationand negotiation, EMCOR and ING were able to come to terms.

|

“Factoring in the location, the cost to move and the neweconomics including concessions, EMCOR decided to renew,” Noelsays. The new lease includes free rent and additional tenantimprovement money for some retrofitting and refurbishment of theexisting space, he adds.

|

Located at 4050 East Cotton Center Blvd., the property offerseasy access to the SR-143 and I-10 freeways. It is close todowntown Phoenix and Sky Harbor International Airport. The projectwas built in 2000 and acquired by ING in 2005.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.