CBRE has announced the signing of a ±16,380-square-foot office lease at 4435 E. Holmes Avenue in Mesa, Arizona. Practice Management Specialists, a local business service provider for dental practices, will relocate its corporate headquarters to the newly leased building at the end of this year.
Jamie Swirtz with CBRE’s Phoenix office negotiated the long-term lease on behalf of the landlord, Sunny Mesa, Inc. of Mesa. Rommie Mojahed with Sperry Van Ness represented the tenant.
“It was exciting work with a growing firm like Practice Management Specialists,” said Swirtz. “It’s great to see local companies scaling up and we were able to structure a lease term that will accommodate the company’s long term growth plans.”
Practice Management Specialists currently operates out of a smaller office space at 4704 E. Southern Avenue in Mesa. The Mesa-based outsourcing firm is relocating to accommodate recent growth and will take over the entire building on Holmes Avenue. The firm expects to hire approximately 60 new employees in the coming months.
“It is always exciting to see local businesses expand and add jobs here in Mesa,” Mayor John Giles said. “Congratulations to Practice Management Specialists, I wish them the best of success in their new headquarters.”
According to CBRE Research, while the overall metropolitan office market continues to hover around 20 percent vacant, the Mesa submarket is steadily improving. As of Q3 2015, East Mesa recorded a vacancy of 14.7 percent and downtown finished the quarter at 14.2 percent.
“Mesa has seen an increase in tenant activity in the last few quarters. Companies are starting to look to Mesa as a cost-effective community,” said Swirtz. “Average asking rates in Mesa are at $17.00 a square foot. Employers also recognize the city offers a strong labor pool and quality transportation system. I expect the increased activity to continue for the foreseeable future.”