Ikon Signs for 5-year, 6,307 SF Deal

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PHOENIX-Ikon Office Solutions, Inc. headquartered in Malvern, PA, has signed a five-year, 6,307-sf lease for relocation in the 115,000-sf MainSpring Cotton Center.The flex property, which serves as showroom, warehouse and office space for its tenants, is located at 4215 E. Broadway Rd., in the 280-acre Cotton Center. The company is relocating from 220 S. 9th St. with move-in scheduled shortly."The property was completed in June, 2005, and we're now 92% leased," comments Curtis Brown, a principal with Phoenix's Ross Brown Partners, Inc. "We're working on a deal for the final space, 10,000 sf, which is on the frontage."Brown, with colleague Rick Collins, represented the landlord, MainSpring Capital Group of Phoenix in the transaction, while Dan Calihan of CB Richard Ellis Group, Inc.'s Phoenix office was on hand for the tenant. Brown tells GlobeSt.com that the Ikon deal ended up being close to market rate, with no TIs necessary. "MainSpring builds ready-to-occupy spaces, so this property had a 1,600-sf office component already there," he comments. "There wasn't much else that needed to be done."The quoted rate per sf on the property ranges between $.59-$.85 per sf, triple net, with the Ikon deal coming in at approximately $.78 per sf, Brown says. "The final space is quoted at $.85 per sf, triple net," he adds. "The back building went out to the market at $.59 per sf triple net, the front was $.83 per sf triple net, and both went fast."Other tenants at MainSpring Cotton Center include Sierra Tile Supply, Inc., Baker Brothers, Liberty Wire and Cable and Villagio Tile & Stone.