The post-secondary schools, run by Education Management Corp., are getting an additional 25,103 sf of classroom space. The schools originally started out in 67,000 sf in 1995 when they opened at 2233 W. Dunlap Ave. "Other tenants had rolled out of their leases and the school expanded," says Larry Downey, senior director with Cushman & Wakefield of Arizona Inc. in Phoenix. "It's been extremely successful."
While the administrative team had examined possible alternatives, Downey tells GlobeSt.com that location, parking and the ability to expand were the dealmakers. He and C&W senior director Jerry Jacobs represented the educational group while the owner, Alliance Commercial Partners of Denver, had an in-house broker structuring its terms.
Alliance Commercial acquired the 18-year-old building from CarrAmerica Realty Corp. in Washington, DC in late 2005. Though the building is in good shape, Downey says additional tenant improvements were included in the school's lease. Extra parking spaces are being developed, with the tenant footing part of the bill on the improvements.
"This is a great building, and a good location for them to stay," Downey says. The schools' extra space will be ready to occupy in May.
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