Phoenix, AZ – September 20, 2011 – (RealEstateRama) — Lee & Associates Arizona is pleased to announce that Arizona Community Foundation (ACF) executed a 10-year, 17,219-square foot lease renewal of their Class A space at Anchor Centre West located at 2201 East Camelback Road. Lee & Associates Principals Craig Coppola, Andrew Cheney and Chris Krewson represented the non-profit tenant. Mike Beall of Cushman & Wakefield represented the landlord, DW Capital Partners.
Paul Velaski, ACF’s Chief Financial Officer, noted that “the Lee & Associates team spent considerable time educating ACF on our many real estate alternatives. After thorough analysis, I had the utmost confidence in our decision to renew at Anchor Centre.”
Despite the considerable amount of space on the market, a disconnect remains between many tenants and landlords, as the slow-to-start recovery often leaves these two parties at odds during complex lease negotiations. In fact, Steven G. Seleznow, President and CEO of Arizona Community Foundation, commented that, “Craig Coppola’s experience unifying complex corporate headquarters and non-profit organizations proved invaluable in our decision making process. And, as an entrepreneur, he understands how precious our resources are and fought for every dollar on our behalf.”
Although vacancy for top-tier office properties ticked down in recent months, Phoenix Class A vacancy was 28.0% at the end of the second quarter, compared with marketwide vacancy of 27.0%.
About Arizona Community Foundation
Founded in 1978, the Arizona Community Foundation is a non-profit foundation specializing in managing charitable funds and awarding grants to non-profits and scholarships to students. ACF funding supports a wide range of causes, from arts and culture to affordable housing to education and animal welfare. Since its inception 33 years ago, ACF has awarded $387 million in funding for educational and charitable purposes.
About Lee & Associates Arizona Research Division
In addition to celebrating 20 years of leadership excellence in commercial real estate in the Phoenix market, Lee & Associates is one of the largest national commercial real estate providers with regional expertise. Lee & Associates currently has 43 offices located throughout the nation. Clients of Lee & Associates Arizona enjoy a comprehensive range of specialized commercial real estate services including: industrial, multi-family, office and retail property sales and leasing; real estate investment consulting, property acquisition and disposition; tenant representation and relocation, land assemblage. The Phoenix office of Lee & Associates was established in 1991 as the first office to open outside of California. The Lee & Associates model – empowering agen ts as owners of the company – attracts industry-best real estate agents and has fueled the Phoenix office’s growth from 12 brokers in 1991 to nearly 40 brokers today.