The building will be located in the 80-acre Corridors-Phoenix business park. Delivery is slated for early 2008. As part of the deal, Mortgage Lenders will occupy a nearby 41,070-sf building for 14 months until the build-to-suit is done.
According to Kurt Rosene, senior vice president for developer Chicago-based Alter Group, Mortgage Lenders conducted an extensive search in the Southwest for its regional headquarters. When Phoenix came up as a strong spot, Deer Valley was selected due to its proximity to growth areas and labor force.
"They have about six or seven locations around the country. We did a lease with them three months ago in a northern suburb of Atlanta," Rosene tells GlobeSt.com. "That helped facilitate the transaction here, being that they were a tenant in a building we already owned."
Rosene says another factor for the decision was immediate availability of temporary space near the permanent building site. "They'll be moving there in about a month so they can start ramping up the hiring for their larger building," he adds.
The Corridors-Phoenix business park, located at the junction of Pinnacle Road and Interstate 17, also is home to Chubb Corp., Cox Communications Inc. and a regional office for Walgreens Co. Four of the eight buildings rose as spec. Also under construction is a 132,000-sf turnkey project for Arizona State Savings & Credit Union, which will deliver in November 2007 delivery. Rosene says the park is approved for up to 1.4 million sf of corporate development.
Ashley Brooks with CB Richard Ellis in Phoenix represented the Alter Group. Tenant representatives were William Golden from CBRE's New York City office and Charles Nixon and Kit Tiedemann with CBRE in Phoenix.
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