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TEMPE, AZ-Avnet Inc., headquartered in Phoenix, has extended its lease until 2015 in the 320-acre Arizona State University Research Park. Avnet’s 132,070-sf build-to-suit was completed in 2000.

Damian Miller, asset manager with Norcross, GA-based Piedmont Office Realty Trust, tells GlobeSt.com that the transaction was a straightforward deal, with no surprises. He says no upgrades are necessary for Avnet’s regional headquarters building at 8700 Price Rd.

Financial specifics of the new deal were not available due to confidentiality agreements. However, area sources estimate that Avnet could be paying $1.6 million to $1.8 million per year in rent for its flex building. According to first quarter reports, the submarket’s average ask for R&D/flex space is 99 cents per sf to $1.02 per sf, triple net.

Avnet houses its technology solutions group in the building, which was developed by Minneapolis-based Ryan Cos. Although Piedmont has owned the asset since its completion, Miller says he’s unable to comment if the owner intends to hold it longer or sell it.

“This deal helped us achieve our strategy of providing a long-term real estate solution for a quality tenant,” Miller says. “Avnet currently occupies 100% of the building and this lease means they’ll continue to do so for some time.”

Arizona State University Research Park is bordered by Elliot Road, Loop 101, Warner Road and McClintock Drive. Other companies in the park are Edward D. Jones & Co. LP, Walgreen, Co. CMC Interconnect Technologies, Honeywell International Inc., Reproductive Medical Institute and Thomas & Betts Corp.

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