PHOENIX—Glimcher Realty Trust andCBRE announce the first office lease forScottsdale Quarter's new 170,000-square-foot, class A, mixed-usebuilding in North Scottsdale. Located at the southeast corner ofthe high-end lifestyle center, the new, six-story tower will be thenew home of Phoenix-based hospitalist group Apogee Physicians'corporate headquarters.

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Vince Femiano with CBRE's Phoenix officerepresented Apogee Physicians in negotiating the27,727-square-foot, long-term lease. CBRE's BradAnderson and Michael Strittmatterrepresented the landlord and developer, Glimcher Realty Trust.

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“Scottsdale Quarter is the most exciting development that Iremember in 20 years of living in Arizona,” says Michael W.Gregory, M.D., CEO of Apogee Physicians. “World classshopping, dining and amenities, combined with the premier officespace in Scottsdale promises our people the very best environmentto pursue our dream of making lives better for our patients."

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This lease marks an expansion for Apogee Physicians, currentlyheadquartered in the Camelback Corridor, as they plan for futuregrowth. Founded in 2002 as a nine-physician group, Apogee is nowcomprised of more than 750 physicians, nurse practitioners andphysician assistants.

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“We are pleased to welcome Apogee to the great mix of ScottsdaleQuarter tenants, especially so early in our construction cycle. Wecommend Dr. Gregory and the Apogee team for what they have builtand look forward to this new relationship,” says Marshall A. Loeb,president and chief operating officer for Glimcher.

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Loeb tells GlobeSt.com, the success of officeleases in Phases I and II prompted an expansion of office space forPhase III, or Block M.

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“We were told people generally do not pre-lease office spacebecause projects often don't come in on time. But we've got onefloor of office out of the way and four more to go,” says Loeb.“We're feeling pretty good about this. We've got top-of-the-marketoffice rents.”

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Glimcher Realty Trust broke ground on Block M at ScottsdaleQuarter in late summer. The new tower will feature premier officespace, above ground-floor retail plus an additional parking garagefor both tenants and visitors. IBEX Constructionout of New York City has been selected as the general contractorfor the new building. American Girl has already been announced asthe anchor retail tenant, which will occupy 12,000 square feet fortheir experiential store. This will be the first American Girlstore in the state of Arizona. The tower is expected to deliver inthe summer of 2015.

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Existing office space in the center is nearly 100% leased asmomentum at the property continues. In May, Starwood Hotels &Resorts, another premier office tenant at Scottsdale Quarter,expanded to more than 67,000 square feet.

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Scottsdale Quarter, which sits on 28 acres at the southeastcorner of Scottsdale Road and the Greenway-Hayden Loop, includes370,000 square feet of upscale retail, restaurant and entertainmentoptions and 203,000 square feet of class A office space. The newsix-story building will feature contemporary architecture perfectlyintegrated into the project, with high ceilings and views of thesurrounding mountains.

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Following the development of the south parcel, ScottsdaleQuarter will be a 1.2 million-square-foot lifestyle center offeringa premier, experience-centered environment. The addition of theluxury residential component of Crescent Scottsdale Quarter,combined with the existing upscale retail amenities, providesoffice tenants a premium, all-inclusive environment.

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Developed by Glimcher Realty Trust, Scottsdale Quarter featuresan array of restaurants and specialty and fashion retailers,including Restoration Hardware, SuitSupply, Intermix, iPicTheaters, NIKE, Dominick's Steakhouse, Free People, CALYPSO St.Barth, H&M, Apple Store, Eddie V's Prime Seafood, Zinburger andTrue Food Kitchen. Scottsdale Quarter is also home to otherprominent office tenants, including Maracay Homes, iCrossing,Cities West Publishing Inc. and Superior Home Services.

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