Three New Leases Signed in Past Few Months at Revitalized Mixed-Use Development
PHOENIX (April 29, 2020) – The revitalized Park Central project has enjoyed increased leasing activity despite the economic downturn, with three new leases signed in the past few months.
New Leases Signed in Phoenix
Interface Technologies has signed a lease to occupy the entirety of the 15,500-square-foot Graham Building. Interface is currently building out a state-of-the-art office complete with multiple studios to broadcast their industry leading IT training classes to companies around the globe. Dustin McFarland with Savills represented the tenant in the transaction.
Additionally, District Medical Group renewed their 56,000-square-foot lease in the Burgbacher building for 10 years. DMG Children’s Rehabilitative Services is the largest multi-specialty interdisciplinary clinic in the state of Arizona with over 25 medical specialties and is designed to meet the unique healthcare requirements of special-needs children. DMG provides direct care to the community with over 66,000 visits annually. Bo Sederstrom represented DMG in the transaction.
And, Firestone Tire Center has renewed its lease on its building at the northwest corner of the property for another 10 years. A tenant for over 50 years at Park Central, Firestone has been serving the midtown neighborhood at its current location on the property since 1965.
Bill Cook and Margaret Lloyd of Plaza Companies represented the ownership group in all three transactions.
Park Central Improvements
The Park Central development team also continues its work on making the project more robust, including a new conference center that is being built for use by all Park Central tenants. The new conference center will be located in the Goldwater Building and can accommodate up to 85 people for tenants to utilize. The conference center will also have a galley and state of the art A/V equipment.
Stan Shafer, Chief Operating Officer for Holualoa Companies, said the project’s leasing momentum is a great sign despite the economic downturn created by the pandemic.
“We are pleased to see the continued interest in Park Central especially considering the current economic conditions,” he said. “It is a sign that the project remains truly desirable thanks to its innovative and welcoming design, exceptional location and strong surrounding support industries.”
Sharon Harper, Chairman and CEO of Plaza Companies, said the leasing momentum is an indicator of Park Central’s role in keeping Phoenix’s economy strong.
“We want Park Central to continue to be a hub for our local economy as we enter a recovery phase in the coming weeks and months,” she said. “We are looking forward to Interface Technologies new state of the art facility at Park Central and are very pleased to continue our long-term partnerships with District Medical Group and Firestone.”
The Dream Development Team
Plaza Companies and Holualoa Companies are teaming up to redevelop Park Central, which once held court as the city’s first official large-scale shopping mall. The companies are transitioning the project to a bustling community hub ideal for playing, working, congregating and celebrating the arts. The first 337,000 square feet of redeveloped office and retail is almost complete. Leasing activity for office and retail space is ongoing at the property and interest has been strong in the newly revitalized property.
The new Park Central includes 450,000 square feet of Class A creative office space available for lease with the ability to accommodate tenants ranging from 3,500 square feet to more than 100,000 square feet in size. It features exclusive tenant patios, on-site restaurants and amenities, a stunning mid-century modern design, 15-25 foot ceilings, extensive bike paths and light rail access and ample parking.
For office leasing, tenants and brokers can reach out to Andrew Cheney with Lee & Associates (502.954.3769) or Bill Cook with Plaza Companies (623.344.4526). For Retail leasing contacts are Brent Mallonee with Cushman and Wakefield (602.224.4437) or Margaret Lloyd with Plaza Companies (623.344.4558).