Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has signed an 89-month lease renewal with Toyota Financial Services, which will continue to occupy the entire three-story office building known as San Tan Corporate Center I in Chandler, Arizona, a southeast suburban submarket of Phoenix.
Toyota Financial Services (“Toyota”), a subsidiary of Toyota Motor Corporation, has been a tenant at San Tan Corporate Center I since 2001. The lease extension will maintain Toyota in all 130,000 square feet of office space at the building and will commence in April 2017, at the expiration of Toyota’s current lease, and extend the lease to 2024. Financial terms of the transaction were not disclosed.
San Tan Corporate Center I is one of two buildings in the San Tan Corporate Center complex, which was constructed in 2000 and has been owned by Columbia since 2006. The two buildings comprise a total of 267,000 square feet of Class-A office space, and both are 100% leased.
“Toyota Financial Services has been a valued long-term tenant at San Tan Corporate Center, and we are very pleased they have chosen to maintain their presence at the property,” noted Nelson Mills, president and chief executive officer of Columbia Property Trust. “Their decision is a testament to the overall strength of the San Tan Corporate Center, which benefits from a strong tenant base and one of the most desirable office locations in suburban Phoenix.”