Bolstered by new ownership and a $50 million renovation plan for Renaissance Square, the Phoenix office of JLL has completed a 24,233-square-foot lease that will relocate Cantor Law Group from its current offices at CityScape to new space at the “Two Ren” building, located at 40 N. Central Ave., within the two-building Renaissance Square in the heart of downtown Phoenix.
JLL Managing Director John Pierson, Vice President Trevor Pratt and Associate Jenna Borcherding represented Cantor Law Group in its site selection and lease negotiations. Bill Blake of Lee & Associates represented the property owner, a venture between Cypress Office Properties LLC and funds managed by Oaktree Capital Management LP.
Renaissance Square totals nearly 970,000 square feet in two, Class A office towers bounded by West Adams Street, West Washington Street, Central Avenue and First Avenue.
“Plans to modernize and renovate Renaissance Square were critical in Cantor’s decision to relocate,” said Pierson. “The law firm’s new space will be designed in a way that improves efficiency and functionality, and allows for the future growth of the firm – without giving up the amenities of downtown Phoenix that help to attract and retain top talent.”
JLL’s Project Development and Services (PDS) Group will manage all tenant improvement consulting and construction management for Cantor Law Group.
“We are very excited to relocate to Two Ren,” said Cantor Law Group Owner, David Michael Cantor. “Our lawyers emphasize criminal law, family law and personal injury as our primary practice areas. Most of our attorneys are in court on a daily basis, and Two Ren is within walking distance of 140 courtrooms located in downtown Phoenix. It is a perfect location.”
“Securing Cantor Law Group demonstrates the rebirth of Renaissance Square and our commitment to creating a leading-edge business environment in the downtown Phoenix office market,” said Cypress principal Ron Lack. “The renovations now underway, together with the addition of several on-site project amenities, should be well received by the tenant community as we work to modernize and stabilize this classic property.”
In April, Cypress and Oaktree initiated a $10 million, Phase I renovation at Renaissance Square that will include upgrades to building lobbies, elevators and restrooms, as well as the construction of a new 7,000-square-foot multi-purpose conference facility and Class A, move-in-ready office suites. The Phase I improvements are part of a $50 million renovation to the LEED Gold Certified buildings that will differentiate “One Ren” and “Two Ren” with amenities that appeal to high-tech and contemporary, Class A office users. This includes updates to the 21,000-square-foot on-site, full-service gym and the addition of new retail amenities. It also includes converting two existing tennis courts located on the site into a 15,000-square-foot outdoor tenant amenity that will include meeting and collaboration areas, zen gardens, games, amphitheatre, and food/bar catering facilities.
Current tenants at Renaissance Square include Quarles & Brady, Jones, Skelton & Hochuli, Bryan Cave, Gammage & Burnham, Ernst & Young, Gabriel Partners and the U.S. Attorney General. Last month, San Francisco-based financial tech firm Upgrade Inc. also committed to a 38,000-square-foot lease spanning two full floors at the “One Ren” building.