Pat Harlan with Cushman & Wakefield of Arizona Inc.'s Phoenix office says the window manufacturer and distributor, which will move from about 40,000 sf at 404 W. 21st St. in Tempe, also secured a three-year renewal option on the 5558 Southern Ave. property and an option to lease the 131,000-sf building's remaining space as part of the deal.
"They were doing really well and needed to expand and this building was a good fit," says Harlan, noting that the single-story building gives Paramount an additional 56,000 sf, including 16,000 sf of office space and 36-feet clear height warehouse space. "There are not a whole lot of blocks of space in that size range available in the Tempe submarket," he adds.
The firm, which manufactures and distributes windows primarily to custom builders, selected the property not only because it offered expansion possibilities, but because it is just down the street from its old headquarters, Harlan says. The property also offers the company prime exposure on Southern Avenue, he notes.
Harlan and Pat Sayre, also with Cushman & Wakefield, negotiated the lease terms on behalf of the tenant. The building, Southern Avenue LLC, of Nebraska, was assisted by CB Richard Ellis Inc. agents Pat Feeney and Dan Calihan.
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