Law School Inks 10-Year, 54,822-SF Lease for Second Location

The school plans its move into the new location at 4041 N. Central Ave. in late summer following an extensive build-out estimated at $1 million to $2 million. The renovation will include addition of a law library and an administration area in the 400,000-sf high rise. Phoenix International School of Law will continue to operate at its existing leased site at 15011 N. 75th St. in Scottsdale.

Central Plaza's quoted rate is $20 per sf, full-service gross. "The law school came very close to that," says Zaya Younan, chairman and CEO of Los Angeles-based Younan Properties Inc., which bought the asset in 2004. Bill Zurek of Transwestern Commercial Services' Phoenix office represented Younan.

In a press release announcing the transaction, tenant rep Jay Hoselton of Cushman & Wakefield of Arizona Inc. in Phoenix indicated that, following an extensive property search, the law school selected Central Plaza for its amenities, economics and parking availability.

The transaction pushes the 22-year-old complex to 90%. It was 44% leased when Younan acquired it. "We spent more than a million dollars on renovation and repositioned the asset," Younan tells GlobeSt.com. "At the same time, the market of Phoenix improved substantially, which has pushed occupancy." He adds that Central Plaza's occupancy will be increased further within 30 days as other deals are finalized. When the deals close, "occupancy will be pushed to about 96 to 97%," Younan says.