The two-building Scottsdale Executive Park I at 7975 North Hayden Rd. totals 251,588 sf and carries an advertised lease rate of $21.50 per sf annually. Kelly McKone, Mark Cosmas and Chris Laatvaho, all of the Phoenix office of Cushman & Wakefield of Arizona Inc., negotiated the lease. Gainey Ranch Financial LP owns the property.
American Reliable is part of the Miami-based Assurant Group. It provides specialty insurance, including flood insurance, personal lines and agriculture business insurance. The carrier has $200 million in premium volumes. American Reliable is the largest tenant in the office complex.
McKone tells GlobeSt.com that the complex is in the midst of a major renovation to lobbies and common areas. The complex is positioned in the North Scottsdale submarket, an area with four million sf of office inventory. In 2001, 126,388 sf was absorbed in the area, leaving a vacancy rate of 7.8%.
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