SCOTTSDALE, AZ-Two top names snap up a combined 23,822 sf of class A space in long-term commitments for business parks in Scottsdale and Tempe. The signed leases are valued at $5 million.

Piper Jaffray & Co. of Minneapolis agrees to a 10.5-year lease with a $4-million value for 15,022 sf in the Portales Corporate Center at 4800 N. Scottsdale Rd. in Downtown Scottsdale. The deal enables the stock brokerage company to consolidate two offices–one in Scottsdale and the other in the Camelback Corridor–into the new location by mid-September, Jim Watkins, a principal for Lee & Associates Arizona in Phoenix, tells “This property was a logical choice because it was equidistant from both offices,” he says. “By far it’s the nicest building in the target area.”

The 165,000-sf building, built in 1999, was 98% occupied upon the lease execution. The 36-acre Portales Corporate Center features mixed-use commercial offerings totaling 500,000 sf of office, 70,000 sf of retail space and a 40-room hotel. Rob Ryan of Forum Capital LLC in Scottsdale represented the local building owner, Anchor-Forum Portales LLC.

In Tempe, Pinnacle One Inc. signed a six-year lease renewal for an 8,800-sf office at 1620 W. Fountainhead Parkway in the Fountainhead Corporate Center. The payout is more than $1 million for Tempe-based construction management firm, which has operated at the location for 5.5 years.

“The tenant was pleased with the space in the building, but it needed minor remodeling,” Watkins says. “They explored buying or building, but opted against that.” The promise of tenant improvements and continued low rents in the high-teens kept Pinnacle One in place. The seven-building Fountainhead Corporate Center boasted a 45% vacancy rate at the time the tenant signed, according to Watkins.

Amberjack Inc., the real estate division of State Farm Insurance Cos. of Bloomington, IL, had in-house brokers working the deal. Watkins represented both tenants.

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