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PHOENIX-The Arizona Conservatory for Arts and Academics’ recent student population increases have led to an increase of another kind–more square footage. The performing arts school has inked a 10-year lease extension for an additional 14,603 sf in the Arizona Business Park. Enrollment hikes prompted the school’s lease extension, enabling it to take the entire single-story, 46,817-sf building.

“It’s got good access off the freeway and it’s in a good residential area. The facility worked for them,” Eddy Moore of Grubb & Ellis/BRE Commercial based here, tells GlobeSt.com. The conservatory’s lease deal ranges from 70 cents to $1 per sf triple net, he notes adding that the total lease consideration was approximately $4.8 million.

The school initially signed a 10-year lease with locally based Estes-Samuelson LLC last year for 32,214 sf in the park, located at 2820 West Kelton Lane. Moore and Don Arones of Grubb & Ellis/BRE Commercial represented the school; Tim Whitemore of Cushman & Wakefield represented the landlord in the lease negotiation.

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