SCOTTSDALE, AZ-The Capital Group Cos. Inc. has leased 106,193 sf of class A office space in the Pinnacle at Kierland III. The Los Angeles-based mutual fund manager is establishing a new customer service center and bringing 400 to 500 new jobs to the Valley.

“They came to town and immediately focused on North Scottsdale,” Jim Watkins with Lee & Associates Arizona’s Phoenix office tells about the nod for the 14636 N. Scottsdale Rd. property, owned by Furst Properties. “It’s a proven location.”

Watkins tells that one of Capital Group’s competitors, the Vanguard Group, has a presence in the Scottsdale Airpark. “Scottsdale is a proven location with an educated workforce, which made a large bearing on the decision,” he explains.

According to Watkins, Capital Group had a lot of options in North Scottsdale that met its criteria of class A space and a class A environment. Within four months, however, the firm had honed in on Kierland. “They liked the Kierland development because of thehigh-quality office and retail in the area,” he says.

Capital Group, which manages the American Funds group of mutual funds, will be the sole occupant of the brand-new building and plans to move into the space no later than April 2005. “They liked the size of the building and the fact that they would be theonly tenant and able to control the environment,” Watkins says.

Watkins notes Furst Properties also feels Capital Group is a perfect fit. “They’re extremely satisfied with the quality of the tenant. …Capital Group is a high-credit company,” he says. Chuck Nixon and John McRoskey of CB Richard Ellis Inc. represented Capital Group in the transaction.

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