Tenant Stays Put; Renews 105,000 Square Feet

TEMPE, AZ-Long-time tenant Total System Services Inc. has decided to stay put at Warner Crossing Business Park for another 12 years. The credit company renewed its 104,836-square-foot lease through a triple-net deal.

Though financial information about the deal at 8320 S. Hardy Dr. wasn’t available, sources familiar with the deal believe the tenant got the space at below-market rates.  Total System Services, headquartered in Columbus, GA, has been at Warner Business Park since the late 1990s when the building first came online.  

Rick Lee, principal at Lee & Associates, represented Warner Business Park owner iStar Financial. He tells GlobeSt.com that Total System was looking at other spaces, but iStar struck a good deal with the tenant, which was represented by Wally Hale and Bill Honsaker, managing directors at Jones Lang LaSalle.

With the Total System renewal more or less set in stone, Lee, who is marketing Warner Business Park on behalf of iStar, says it’s time to lease up remaining space at the multi-building flex campus. The entire campus measures 381,000 square feet, and Lee says two spaces are vacant in different buildings; one measuring 75,000 square feet and the other 51,000 square feet.

“Vacancy is pretty high in that submarket,” Lee comments. “But we’re seeing better activity there during the past six months than we have during the past two years.” He adds that there is one proposal out to a tenant for 40,000 square feet and “we have a 75% chance of making that deal.”