Northern Corporate Center Ropes 36,457-SF Tenant

The long-term deal represents an expansion and relocation from an office building at the intersection of 3rd Street and Bethany Home Road. Jeff Wentworth and Jeff Hartland, both of Grubb & Ellis Co.'s Phoenix office, brokered the deal for building owners, Phoenix Development Capital LLC, led by Doug Dragoo and Steve Barger. Gee Gee Entz of Coldwell Banker Commercial's Phoenix team represented the tenant at the bargaining table. The 72,000-sf office building at 1600 E. Northern Ave. was built in 1986.

Office leasing in metro Phoenix, as elsewhere, has taken it share of hits. Although fourth quarter 2001 stats are still being calculated, the metro Phoenix area was bearing a 15.8% vacancy in its inventory at the third quarter close, according to Grubb & Ellis researchers.