Cousins Lands New Lease in Tempe
Monogram Health has signed a 26,042-square-foot, five-year leasing agreement at Hayden Ferry Lakeside II, a 318,240-square-foot office building in Tempe, Ariz. Cushman & Wakefield represented the tenant, while CBRE worked on behalf of the ownership, a fund managed by Cousins Properties.
The in-home, evidenced-based care provider previously occupied 25,000 square feet within the building, under a sublease agreement with Gen Digital Inc., formerly known as NortonLifeLock, according to The Business Journals. About 105 Monogram Health employees are based in Tempe.
The 17-story building is part of a 43-acre, mixed-use master plan consisting of 1.6 million square feet of office, retail and residential space, as well as a hotel. Cousins acquired three office assets within the master plan in October 2016 from the Teacher Retirement System of Texas, according to CommercialEdge information, in a portfolio transaction. The deal, which also comprised an Atlanta asset, totaled $279.1 million.
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Hayden Ferry Lakeside II came online in 2005 and went through cosmetic renovations earlier this year. The LEED Gold-certified building features floorplates averaging 25,000 square feet, six passenger elevators and about 4,900 square feet of retail space. Amenities at the master plan include a fitness center and two restaurants.
The property is located in downtown Tempe, at 60 E. Rio Salado Parkway. Phoenix Sky Harbor International is within 4 miles, while downtown Phoenix is 10 miles northwest.
Cushman & Wakefield Vice Chair Larry Downey, Executive Director Adam Madison and Senior Associate Taylor Hick represented the tenant in the transaction. CBRE Executive Vice President Bryan Taute and Associate Will Mask worked on behalf of the owner.
Phoenix’s vacancy rate remains below national average
Metro Phoenix’s office vacancy rate at the end of August clocked in at 18.2 percent, 120 basis points below the national average, according to the latest CommercialEdge office report. Additionally, the average listing rate within the market during the same month was $28.07, slightly below the $32.78 U.S. figure.
One of the largest leases in the second quarter of 2024 was Dutch Bros’ commitment to occupy 136,246 square feet at Liberty Center at Rio Salado, according to a Cushman & Wakefield report.
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