The Shidler Group Signs Three Leases in US Bank Center Agreements Bring Occupancy to 87%
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The Shidler Group Signs Three Leases in US Bank Center Agreements Bring Occupancy to 87%

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PHOENIX, Oct. 12 /PRNewswire/ — The Shidler Group has announced three leases in the US Bank Center totaling 23,697 square feet of office space.

The Shidler Group purchased the 31-story, 371,727-square-foot US Bank Center at 101 North First Avenue in downtown Phoenix in May 2006. At the time of purchase, the building was 76% occupied and subsequent leasing activity, including the new leases, has brought occupancy to 87%.

HDR Engineering, an employee-owned architectural, engineering and consulting firm, which currently occupies 5,575 square feet of space, has added an additional 7,466 square feet for a total occupancy of 13,041 square feet. The new space is under a 60-month lease beginning 11/1/07 and the lease on their existing space will be extended an additional 32 months when it expires in February 2010.

The Shidler Group was represented by John Bonnell, Jason Moore, Donald Mudd and Brett Abramson of Grubb & Ellis/BRE Commercial. Courtney Goodall and Steve Jarvie of The Staubach Company and Craig Coppola with Lee & Associates represented HDR Engineering.

Carter & Burgess, Inc., consultants in planning, engineering, architecture and construction management, which currently occupies 47,273 square feet of space, has added an additional 5,976 square feet under a new 47-month lease that will run concurrently with its existing lease.

The Shidler Group was represented in this transaction by John Bonnell, Jason Moore, Donald Mudd and Brett Abramson of Grubb & Ellis/BRE Commercial. Carter & Burgess was represented by Steve Corney of The Staubach Company.

Capital Digital Document Solutions has signed a new 75-month lease for 4,680 square feet of office space on the lower level of the building.

The Shidler Group was represented in the negotiations by John Bonnell, Jason Moore, Donald Mudd and Brett Abramson of Grubb & Ellis/BRE Commercial. Capital Digital Document Solutions was represented by Gwen Miller of Cushman & Wakefield.

Built in 1976 and renovated between 2001 and 2005, the US Bank Center is the second-tallest building in Arizona. In addition to the office tower, The Shidler Group owns an accompanying seven-level aboveground parking garage with 943 parking stalls located at 21 W. Van Buren Street, approximately one block from the Center. The garage also features 12,765 square feet of retail space at the street level.

In August 2005, the firm bought a portfolio of assets that included the high-profile City Square commercial development, a well-known landmark in the Central Avenue corridor.

“The positive leasing patterns in our Phoenix properties reinforce our strong belief in the growth potential and economic viability of this area,” said Brigham Black, vice president of leasing for the San Diego-based Shidler Group. “Downtown Phoenix is becoming a popular urban center where people can work, live and be entertained. The Shidler Group is proud to be a part of this continuing process of change.”

About The Shidler Group

The Shidler Group is a long-term investor in commercial real estate. Over the past 30 years through their private and public affiliates, they have acquired, owned, and managed more than 2,000 properties containing over 150 million square feet of leasable area. Currently, The Shidler Group acquires, owns, and manages commercial properties in the western U.S., focusing on San Diego, Los Angeles, Phoenix and Honolulu. The Shidler Group maintains offices in San Diego, Phoenix, Honolulu and New York. For more information, visit http://www.shidler.com.

For Information: Brigham Black (858) 882-9510 or Dan Peoples (858) 552-1456.

SOURCE The Shidler Group

© 2007 PR Newswire. All Rights Reserved.

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