Downtown Phoenix high-rise goes up, but tenants are scarce

One Central Park East
Construction continues on One Central Park East, shown in an artist's rendering at right. Photo source: Arizona Republic.

[Source: Jahna Berry, Arizona Republic] — The concrete-and-steel frame of the One Central Park East office high-rise has been rapidly rising near Van Buren and First streets.  Snagging tenants for the 26-story downtown Phoenix building, however, has been slow going, the developer says.  Early lease talks are under way with several prospective tenants for the 485,000-square-foot building, said Andrew Conlin, managing director of Chicago-based Mesirow Financial Real Estate.  Those talks represent proposals to rent 800,000 sq. ft., Conlin added.

While some of those discussions have led to negotiations for letters on intent — a step before an actual lease — no leases have been signed yet, he said.  The building is expected to open in September 2009.  “The challenge that has arisen is that the lease market has been impacted by the economy a little bit,” Conlin said.  [Note: to read the full article, click here.]

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