PHOENIX-Wageworks, an employer-sponsored services provider, has leased 10,922 sf at 4129 E. Van Buren St. in the Phoenix Technology Center for five years. With the new lease, valued at $1.1 million, the San Mateo, CA- based company is establishing a regional operations center in Phoenix and will bring 75 new jobs to the Valley.

“This was a creative deal with a couple of big incentives such as only paying rent on a portion of the building for the first year and free workstations,” says Steve Kohls of Lee & Associates who represented Wageworks. Jerry Roberts of CB Richard Ellis Inc. represented the building owner, the Carlyle Group, which has since sold the 123,500 sf building to Lafayette, CA-based Bedford Property Investors Inc.

Kohls tells that the Carlyle Group agreed for Wageworks to pay for only 7,500 sf for the first year to allow the company to grow into the remaining space. Moreover, the Carlyle Group offered 70 workstations to Wageworks in a plug ‘n’ play deal with fixtures previously owned by NextCard, the prior occupant. The other chief selling point is the proximity to Loop 202 and Interstate 10 and its 5:1,000 parking ratio, Kohls.

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