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PHOENIX-After searching several years for new headquarters space, a local engineering firm has settled on 23,048 sf in the Plaza at Squaw Peak. The six-year deal for class A-minus office space has a $2.3-million payout over its term.

Dibble & Associates will move into 7500 N. Dreamy Draw Ave. in November from 2633 E. Indian School Rd. “Dibble wanted an upgraded image,” says Mark Seale, a senior vice president with CB Richard Ellis Inc. “They looked for several years and started out with hopes of buying, but eventually decided to lease.”

Seale tells GlobeSt.com that Dibble & Associates was attracted to the Plaza’s access to Squaw Peak Freeway, which is convenient to the east and west sides of the Valley. Plus, he says the economics included expansion options on 15,000 sf as part of the pact.

Seale says the deal takes occupancy to 80% in the 158,092-sf, two-story building, owned by the Muller Co. of Laguna Beach, CA. The 432,096-sf, three-building complex was bought about 18 months ago out of foreclosure, with Muller getting an asset that was just 40% leased. “Since we’ve taken over the leasing, we’ve signed about 110,000 sf in the project,” says Seale, who partners with CBRE’s Christopher Krewson on the assignment. Michael McQuaid with Lee & Associates Arizona was the tenant’s representative.

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