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PHOENIX-The city’s lagging southwest submarket has gotten a strong boost with the signing of two long-term leases that will put a Fortune 500 company and an office furniture distributor into nearly 28,000 sf at the Martin Van Buren Business Park.

“Southwest Phoenix has the highest vacancy rates in the valley, ” Bo Mills, vice president of the industrial division for Trammell Crow Co., tells GlobeSt.com. “ To absorb that amount of space is good for the market.” Mills, who brokered both deals, said Ryder Logistics, a leader in transportation management solutions, and office furniture distributor the Manning Group, will take over the space at the 502 N. 37th Dr. office complex. Five months ago, Sleep America exited the site. Each lease is valued at around $258,968, he said.

Ryder Logistics, a Fortune 500 company, will occupy about 14,000 sf with the Manning Group taking a similar-size chunk in the 236,000-sf office park, owned by ProLogis Trust of Aurora, CO. In addition to Mills, the Trammell Crow bargaining team included Mark Detmer and Justin Carlson. The team worked out the terms for both building owner and tenants.

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