Cushman & Wakefield of Arizona, Inc. negotiated a long-term lease extension and expansion at Pima Northgate, located at 14000 N. Pima Rd., for LoanDepot.com, a loan underwriting and mortgage banking company.
The lease is for 49,787 square feet at Pima Northgate, a 140,000-SF office building in the bustling Scottsdale Airpark submarket. LoanDepot.com previously occupied 25,219 SF on the second floor of the building. Over the past year, office net absorption in that submarket has topped 200,000 SF, second best in Metro Phoenix. The property is now 100 percent leased.
“LoanDepot is rapidly growing and for their expansion needs, they considered several other Valley submarkets,” said Tim Whittemore, Senior Director with Cushman & Wakefield’s Office Properties group. “Ultimately they decided to remain and expand at Pima Northgate as a result of their proven ability to recruit qualified employees in the North Scottsdale area. The Class A nature of the building is also consistent with LoanDepot’s brand and image.”
Whittemore and Chris Nord of Cushman and Wakefield represented the landlord, ASB Real Estate Investments of Bethesda, Md. LoanDepot, headquartered in Foothill Ranch, Calif., was represented by John Gillespie of Newport Commercial Realty Advisors.
Target date for expansion is Dec. 1. Other tenants at Pima Northgate include Bridge2 Solutions and Pegasus.