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PHOENIX-Phoenix Seminary has signed a long-term lease for 24,763 sf of class A office space in Arcadia Gateway Center. Administrators plan to have the site up and running for the fall semester.

The central location of Arcadia Gateway Center at 4222 E. Thomas Rd. helped to win the deal, says Blaine Black, senior vice president in Phoenix for Dallas-based Trammell Crow Co. The graduate school, which offers biblical study, theological training and practical ministry components, will move from 13402 Scottsdale Rd. in nearby Scottsdale.

With Phoenix Seminary’s lease, the 89,911-sf, four-story building is 85% leased. The quoted rent is $28 per sf. Built in 1999 by Koll Development Co., the building is now owned by Wellesley, MA-based Orsett Properties Ltd., which was represented by Thomas Johnston of Cushman & Wakefield of Arizona Inc.

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