As part of the deal, the seller will retain about 50,000 sf of the flex office space through a lease that is still being finalized. A press release from John C. Lincoln Health Network says the remaining space at 2500 W. Utopia Rd. will be upgraded and used to house patient financial services, accounting, network administration human resources, information technology and the John C. Lincoln Health Foundation. The renovation and move-in timeframes are pending. The deal included a 20-acre parcel that John C. Lincoln Health Network will bank for future growth of its Deer Valley Hospital campus.
A source familiar with the transaction says the building came on line as a build-to-suit in the early 1980s for AG Communication Systems, which used it as a headquarters and research and development location. The company was acquired by Lucent Technology and is now a subsidiary of Alcatel-Lucent. The source tells GlobeSt.com that Alcatel-Lucent didn't need as much space, which probably is what prompted the sale.
"This ended up being a great deal for John C. Lincoln," the source says. "It saves them considerable time in having to redevelop or build from the ground up. This also helped the sellers in that they could remain in the building. It would have been expensive and difficult for them to relocate."
Senior director Mike Sayre, associate director Steve Sayre and director Pat Harlan with Cushman & Wakefield of Arizona Inc. in Phoenix represented Alcatel-Lucent. Beth Jo Zeitzer of R.O.I. Properties in Phoenix negotiated for the buyer.
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