CB Richard Ellis first vice president Jerry Noble says Bonneville, parent company to local radio station KTAR, looked at several buildings in the metro area before deciding on the 297,514-square-foot, class A Squaw Peak Corporate Center at 7720-7740 N. 16h St. Noble, who worked on behalf of building owner Parkway Properties Inc. in Jackson, MS says Squaw Peak had the right sight lines necessarily for a radio station, and a block of space that the company needed.
"The majority of the floor was vacant, and we worked with a few of the existing tenants on the floor," says Noble, who partnered with CB Richard Ellis first vice president Pat Devine and senior associate Greg Mayer, all of whom work out of the Phoenix office. Noble tells GlobeSt.com that the rental rates are in the mid $20s-per-square-foot with market concessions. In addition, "the tenant is spending a lot of their own money to finish out sound booths and other things they need for a successful operation," Noble says. "It's part of the reason this is a long-term lease."
The lease pushes occupancy at the two-building center to the low 90s. Noble says the remaining space is generating some interest, both from current tenants interested in expansion and outside tenants. "This is a good office building and Parkway's a tremendous operator," Noble comments.
Bonneville is currently at 5300 N. Central Ave. Stephanie Hickock of Grubb & Ellis|BRE Commercial LLC in Phoenix, and John Goodman of Studley's Chicago office represented the company.
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