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PHOENIX-Two years after moving into the 88,140-square-foot flex building 11 at Liberty Cotton Center Business Park, tenant Education Management LLC has signed its third and final lease to take possession of the entire space. Starting July 2009, the company will extend its current 50,634-square-foot lease by two years to run co-terminus with the new 10-year expansion lease.

“Basically, the whole building is now under a new 10-year lease,” comments John DiVall, senior vice president and Phoenix city manager with Liberty Property Trust, which is headquartered in Malvern, PA. “The whole thing was a fresh deal.”

DiVall declined to discuss the financial terms, but did say the quoted lease rate for the space at 4217 E. Cotton Center Blvd. was $16 per sf net. He acknowledges the transaction included several million dollars in TIs to help complete buildout from its current shell condition and to build a new parking lot.

“This is Education Management’s online division, so there are a lot of people employed with the call center, enrolling students, answering questions. This isn’t your typical nine-to-five business,” DiVall explains. “This is a tenant with very heavy parking needs.” DiVall tells GlobeSt.com that once the lot is completed, building 11 will have an 8:1,000 parking ratio.

Education Management, based in Pittsburgh, PA, gained a foothold at Liberty Cotton’s building 11 almost immediately upon its completion in 2006, taking 25,000 square feet of the then-vacant building. In late 2007, Education Management expanded by approximately 25,000 square feet more.The most recent lease had Mark Krison, Scott German and Carole Uhrig of CB Richard Ellis’ Phoenix office, and Bob Crum of Ross Brown Partners in Phoenix, representing Liberty Property Trust. Larry Downey of Cushman & Wakefield of Arizona Inc. represented Education Management.

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