The Alter Group’s Peoria Center at Arrowhead has reached 95% occupancy with the completion of four leases at the property, announced Michael J. Alter, President of The Alter Group, the Chicago-based national corporate real estate development firm.
Morgan Stanley Wealth Management has leased 10,697 SF at Peoria Center at Arrowhead, bringing the 42,665 SF building at 16155 North 83rd Avenue up to 100 percent leased. Todd Noel, Senior Vice-President, Colliers International, represented Morgan Stanley Wealth Management in the transaction. Additionally, Regus has leased 11,368 square feet at the 16165 North 83rd Avenue building for a Regus Business Center. The firm operates executive suites, virtual offices and conference room space. Regus currently operates more than 1,500 facilities in hundreds of cities. The company signed a 10-year lease and will take occupancy in December. Kevin Calihan, Senior Vice President, CBRE represented Regus. Also, The Alter Group renewed and expanded two other tenants at 16155 North 83rd Avenue: Arrowhead Advertising expanded to 14,043 square feet and Arizona Integrated Physicians renewed and expanded into 7,861 square feet. Todd Kinney represented Arrowhead Advertising and Vince Femiano, Vice President, Tenant Advisory, Transwestern, represented Arizona Integrated Physicians.
“The Northwest Valley submarket has become a significant office market,” said Kurt W. Rosene, Senior Vice President of National Development, The Alter Group. “Peoria Center at Arrowhead is a premier business address because it is surrounded by nearly two million square feet of retail amenities as well as a strong residential market, which are a strong draw for business tenants.”
“The key word today is flexibility,” added Rosene. “This is driven both by blue-chip tenants like financial services and law firms that want to streamline their real estate and by entrepreneurial tenants like homebuilding, tech and healthcare companies that need to be able to expand quickly as they grow the business. In order to make this Morgan Stanley lease work, for example, we elicited cooperation from another tenant that wanted to shrink and re-configure. We performed a similar negotiation at an adjacent building to accommodate Regus in its office space needs,” says Rosene.
“In 2012, Phoenix led the nation in occupancy gains in the office sector and the Valley has seen a lot of the absorption driven in part by the comeback of the housing sector which has given a boost to mortgage, title insurance and the contracting firms. “
The 7.7-acre Peoria Center at Arrowhead is located at the southeast corner of Paradise Lane and 83rd Avenue in the Peoria, AZ, market, within minutes of the Agua Fria Loop 101 Freeway at the Bell Road interchange. The Alter Group’s exclusive marketing agent for Peoria Center at Arrowhead is CB Richard Ellis, represented by Ashley Brooks, Senior Vice President.