"Pegasus needed to expand because they're selling a lot ofwindows and doors," Pat Harlan of Cushman & Wakefield ofArizona Inc. who represented the tenant. "It's because of the newhome construction frenzy."

Harlan tells GlobeSt.com that Pegasus inked a lease for 96,000sf last summer, but grew so quickly it needed to exercise theexpansion rights. The window and door manufacturer decided to renewthe entire lease to take advantage of market conditions, he says.Pegasus will bring on an additional 20 employees as part of itsexpansion.

The building, which was 100% vacant when Pegasus signed thefirst lease, was built in the mid-1980s. It is centrally locatedand has good access to the local interstates, which was importantto Pegasus since it has customers throughout the Valley, says PatFeeney of CB Richard Ellis Inc.'s Phoenix office who teamed withcolleague Daniel Calihan to work out terms for the building owner,Southern Ave. LLC, a group of private investors from Phoenix.