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PHOENIX-Two law firms have signed five-year leases at Concord Place, located at 2999 N. 44th St. in the Gateway submarket.

Joining the tenant roster is the law firm of James J. Evert, taking 5,327 sf, and Eagle Burger Law Group, 3,067 sf. The 133,289-sf, class A Concord Place is considered one of the premier addresses in the submarket. The Phoenix office of Grubb & Ellis, with broker Larry Downey, Jerry Jacobs and Mike Myrick, represented the Texas-based building owner, Presidio Investments II LLC and both law firms in the lease negotiations.

The Gateway submarket encompasses the area of Indian School Road to the north, Buckeye Road to the south, 36th Street to the west and Mill Avenue to the east. At the heart of the submarket is Sky Harbor International Airport. The Red Mountain Freeway, the Hohokam Expressway and Interstate 10 all crisscross the area, making it a desirable location.

Gateway’s 11.8% vacancy rate is the second lowest in the region. Tenants find the submarket to be a more economical alternative to the nearby Camelback Corridor. The asking price for the class A office space average $23.31 per sf and class B, $21.67 per sf versus Camelback Corridor’s $26.77 per sf for class A and $23.27 per sf for class B.

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