Educational Lender Pens 63-Month HQ Lease

PHOENIX-A leading educational funding company has ended a two-year search to expand its corporate headquarters, signing a 63-month deal for a 46,692-sf, class B office building in the Northwest Valley.

“It really fit the bill across the board,” Jonathan Keyser, principal with Cresa Partners in Phoenix, says about NextStudent Inc.’s decision to lease the Deer Valley Office Center at 19601 N. Black Canyon Highway. The educational lender is planning a Jan. 1 move-in, set up to coincide with a lease expiration at 11225 N. 28th Dr., he tells GlobeSt.com.

Keyser says the structure was picked for expansion capabilities to keep pace with its fast-paced growth. “That’s been the biggest problem with their old location,” he says. NextStudent’s headquarters team now takes up 26,000 sf.

Deer Valley Office Center sits in a submarket where the going rate for class B office space ranges from $18 per sf to $20 per sf, full service. Keyser teamed with Cresa’s Gary Gregg and Joseph Sciolla Jr. to shore up the headquarters deal for NextStudent. Thomas Jacobs and Brian Lee with Grubb & Ellis/BRE Commercial LLC in Phoenix represented the local building owner, Western Properties Inc.