AST Trust Co., a division of New York City-based American Stock Transfer & Trust Co., will move into 2800 N. Central Ave. from 2390 E. Camelback Rd., according to Jerry Jacobs, senior director with Cushman & Wakefield of Arizona Inc. He, along with Larry Downey and Gwen Miller, represented the building owner Dallas-based Gaedeke Holdings II Ltd. John Bonnell with Trammell Crow Co.'s local office negotiated the deal for AST Trust.
"Rates in the Camelback Corridor have increased 15% to 20% in the last six months, causing a lot of tenants to look at Midtown," Jacobs tells GlobeSt.com. "The economics at 2800 N. Central Ave. were better than (AST Trust's) current location." The company will occupy the entire ninth floor and a portion of the eighth floor of the building, situated near downtown and the light-rail line.
Bonnell says AST searched for eight months, but found very few options in the Camelback Corridor because of the need for contiguous space. "Originally they didn't want to look at Central Avenue, but we had to widen our search," he says.
With the AST Trust lease, the 365,000-sf building is 75% leased. Other tenants in the 1980s-era building include New York City -based AIG Inc., Dayton Beach-headquarterd Brown & Brown Inc. of ; and Phoenix law firm, Jennings Haug & Cunningham LLP.
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