CareerBuilder.com's new regional office will be ready to occupy in first quarter 2007, with tenant and the New York City-based building owner, JEMB Realty Inc., sharing office upgrade costs. CareerBuilder.com has a small office in Mesa, but its fate is uncertain.
JEMB acquired Galleria Corporate Centre in 2000. It invested $65 million into converting the unanchored retail mall, built in the early 1990s, into class A office space. "We saw this as an opportunity to change the use to office and capitalize on it," explains Joseph Jerome, JEMB Realty's president and principal.
Jerome tells GlobeSt.com that the firm's initial goal was to turn it around in two years, but the softening market at that time put a crimp in the plan. He says that the leasing environment has exploded in the past year, driving the asset's occupancy to nearly full. He says an existing tenant is eyeing an expansion that would take occupancy to 98%--a deal that could be signed by year's end.
Jerry Roberts of CB Richard Ellis in Phoenix represents JEMB at the bargaining table. CareerBuilders' brokers were Michael White and Vineet Sahagal with Grubb & Ellis/BRE Commercial LLC, also in Phoenix. Other key tenants in Galleria Corporate Centre are Scottsdale Cultural Council, Scottsdale Culinary Institute and Theatre 4301.
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