IndustrialLatest NewsOffice

Workspace Selects JLL to Lease 1.3 Million S.F. Phoenix Portfolio

Plug-and-play office, industrial, life sciences buildings support growing demand

Full-service commercial real estate property company Workspace Property Trust has selected the Phoenix office of JLL to lease its 1.3 million-square-foot Phoenix portfolio.

JLL Managing Directors Mark Gustin and Steve Larsen, and Associate Mark Esslinger will represent the listings, which total 14 buildings in Cotton Center and an additional location at Elliot Road and I-10.

“The Workspace portfolio in Cotton Center is one of Phoenix’s largest concentrations of high-quality buildings offering tenants the ability to adapt as their businesses change and grow over time,” said Gustin. “Workspace has approximately 1 million square feet of life science tenants in their national portfolio. Expanding this presence in their Phoenix portfolio is a key initiative, and they have the expertise to support that effort.”

According to the recently released JLL Life Sciences Outlook, COVID-19 has accelerated momentum nationwide for life sciences real estate demand, with the worldwide prescription drug market expected to surpass $1 trillion by 2022 and benefit from pandemic-related tailwinds.

“Phoenix has a highly educated workforce and a growing research community – both of which are attractive indicators for life sciences companies and investors,” said Larsen. “We expect Phoenix to continue to grow in this sector, bringing with it a rising need for the kind of institutional real estate available through the Workspace portfolio.”

“Workspace strives to create an environment where tenants thrive and employees look forward to coming to work,” said Workspace Property Trust Co-Founder, President and COO Roger Thomas. “Our Phoenix portfolio presents an exciting opportunity to live out this mission – empowering companies for bright futures and supporting Phoenix’s notable economic growth as we emerge from a very challenging year.”

Current availabilities within the Workspace Phoenix portfolio range from 13,000 square feet to 88,000 square feet, and include two full-building opportunities ready for immediate occupancy:

  • 4217 E. Cotton Center Blvd. – 88,140 square feet plug-and-play office/flex/life science
  • 4303 E. Cotton Center Blvd. – 13,026 square feet office/flex/life science
  • 4405 E. Cotton Center Blvd. – 23,473 square feet office/life science
  • 4435 E. Cotton Center Blvd. – 37,750 square feet office/flex/life science
  • 9801 S. 51st St. – 42,369 square feet plug-and-play office with 290+ cubes

For more information on Workspace, visit www.workspaceproperty.com.