Cotton Center I and Greystone Business Park Provide Access to Talented Labor Pools
NOV. 16, 2018 – PHOENIX ARIZ. Transwestern today announces it has been retained to lease Cotton Center I and Greystone Business Park, which together comprise 175,969 square feet of Class A office and flex space. Transwestern’s Jim Achen Jr., Bill Zurek and Brian Zurek are providing leasing services on behalf of the ownership, an international institutional investor advised by Property Income Advisors Inc.
Located at 4025 E. Cotton Center Blvd. in Phoenix, Cotton Center I is a 114,446-square-foot property that is currently 100 percent leased. The office is part of Arizona’s largest master-planned business park, The Cotton Center, situated on the south side of Broadway Road, between 40th and 48th Streets.
Greystone Business Park is comprised of two buildings at 2552 W. Erie Drive and 2801 S. Fair Lane in Tempe. Totaling 60,793 square feet, the property is currently 89 percent leased.
“We are excited to again work with Property Income Advisors to realize untapped value on a portfolio that is poised to capitalize on strong submarket fundamentals and location,” said Bill Zurek. “These properties are strategically located in the Phoenix metro and offer superior access to the market’s labor pools.”
The Phoenix office market continues to post strong tenant demand thus far in 2018, with 2.3 million square feet of net absorption, a decreasing vacancy rate of 150 basis points to 15 percent, and asking rental rates up 1.8 percent to $26.54 per square foot, according to market research by Transwestern. The Tempe North submarket has been one of the most active in terms of activity and new development. Vacancy is below 6.0 percent, net absorption levels reached 447,199 square feet year to date, and 760,795 square feet of new development is under construction along Tempe Towne Lake.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 35 U.S. offices and assists clients from more than 221 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.