CBRE Completes 40,000-Square-Foot Lease at Papago Technology Center in Tempe

CBRE has completed a 40,000-square-foot office lease at Papago Technology Center located at 1700 N. Desert Drive in Tempe.

Papago Tech Center

Bryan Taute with CBRE represented the landlord, WDP Partners of Phoenix. The tenant, Greenville, NC-based Regional Acceptance Corp. a division of BB&T Bank, was represented by Jason Moore and Keith Lammersen with JLL.

“This lease is another good example of a new office user to the market being drawn to a centrally located building that allows them to easily attract new employees,” said CBRE’s Taute.

Regional Acceptance Corp., a division of BB&T Bank, is a national auto finance company and this lease marks an expansion for the national auto finance company. The 40,000-square-foot space at Papago Technology Center will allow the company to house approximately 300 new employees.

Regional Acceptance Corp. is looking to capitalize on Papago Technology Center’s location in the heart of one of metro Phoenix’s most desired labor pools and plans to hire approximately 300 new employees to staff the center. The company also plans to make significant improvements to the newly-leased space in order to offer future employees a state-of-the-art, modern facility. The company plans to take occupancy of the space in March 2015.

Built in 1993, Papago Technology Center is a 75,000-square-foot flex/office building located in the heart of Tempe and one of metropolitan Phoenix’s largest, most-desired labor pools. The property benefits from direct access to the light rail system via the station at Washington Street and Priest Drive as well as proximity to the Loop-202 via Priest Drive. The property currently has 33,795 square feet of remaining space available for rent.

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