[Source: Jan Buchholz, Phoenix Business Journal]
The former headquarters of Freeport McMoRan Gold & Copper Inc., the One North Central tower in downtown Phoenix, will be filled by PhoenixLaw, also known as the Phoenix School of Law.
The college will take eight floors of the 20-story tower or 205,130 square feet. The school is moving from its current location at 4041 N. Central Ave.
“It’s an interesting use that will be a great benefit to downtown,” said Phil Breidenbach, senior vice president of Colliers International in Phoenix.
Breidenbach represented the landlord, a subsidiary of Mitsubishi Estate New York, along with team members Peter Neiman andLindsey Carlson.
Breidenbach said the move, which is expected by the fall, will bring “a bunch of students,” to downtown, but he could not give specifics.
The Phoenix Business Journal put in a call to PhoenixLaw President Scott Thompson, but he was traveling and unavailable for comment.
Freeport McMoRan, which moved to Central Park East at the northeast corner of Central Avenue and Van Buren Street last year, still had an active lease on its space at 1 North Central Ave. Breidenbach said Colliers didn’t intend to market the property until that lease expired.
“But we were approached by a lot of people in the marketplace,” he said.
The overture by PhoenixLaw appealed to the landlord and negotiations commenced.
Breidenbach said he expects tenant improvements to be extensive.
“They’ll transform corporate headquarters into education facilities. That will be significant,” he said.
Breidenbach could not say how much those will cost.
“It’s all in process right now,” he said. “There’s a host of activity going on
[Source: Jan Buchholz, Phoenix Business Journal] — Freeport-McMoRan Copper & Gold Inc.’s decision to vacate one of downtown Phoenix’s high-rises in the middle of an economic recession will leave a prominent building with a significant hole to fill. As city and downtown officials herald the deal to combine the mining giant’s corporate headquarters with a Westin hotel in the new One Central Park East building, the potential loser is Mitsubishi Estate New York Inc., which purchased One North Central in March 2008 for $127 million.
With Freeport-McMoRan vacating 185,000 square feet and another major tenant, Ryan Cos., vacating about 20,000 square feet, Mitsubishi will be faced with 50 percent vacancy — and the challenge of filling the space in a very difficult real estate market. Ryan, which developed One North Central in part as a build-to-suit for Phelps Dodge Corp. in 2000, is moving into a new building it will finish soon at 3900 E. Camelback Road. Phelps Dodge merged with Freeport in 2007, creating a much larger mining company.
Colliers International in Phoenix is the leasing agent and representative for the 410,000-square-foot One North Central, but could not get permission from Mitsubishi to discuss that company’s plans to fill the space. According to research firm CoStar, the building currently is 97 percent leased — but that will drop to 50 percent within six to seven months, when Freeport and Ryan vacate. “I don’t think the folks who bought One North Central knew what they were getting into. No question, One North Central will face difficulties,” said Tyler Wilson, senior associate with Grubb & Ellis/BRE Commercial LLC in Phoenix.
Andrew Cheney, a Phoenix broker with Lee & Associates, is more optimistic. “Mitsubishi will feel pain in the short term, but has the staying power to re-lease it at recessionary lease rates,” he said. [Note: To read the full article, visit Looming vacancies will leave downtown Phoenix high-rise half-empty.]
The ninth annual A Day for Downtown will mobilize more than 900 corporate and community citizens in a rewarding day of service to benefit the downtown Phoenix community. Presented by the Downtown Phoenix Partnership, HandsOn Greater Phoenix, and the Phoenix Community Alliance, A Day for Downtown revitalizes and beautifies the Phoenix downtown area neighborhoods.
Organizers and sponsors hope to showcase the needs of local organizations, schools, and neighborhoods to local businesses and community members; beautify and revitalize downtown sites and neighborhoods; strengthen community partnerships; and instill a renewed sense of pride in the downtown Phoenix area.
- Date: Saturday, November 15, 2008
- Time: Hands-On Community Service Projects: 8 a.m. to Noon; Lunch and Celebration: Noon to 3 p.m.
- Place: Revitalization projects will take place in the downtown area defined by the following boundaries: Glendale Ave. to Baseline, 43rd Ave. to 44th St.
Platinum City Sponsors include: Accenture, One North Central, Wells Fargo, Downtown Phoenix Partnership, Phoenix Community Alliance, and HandsOn Greater Phoenix. To volunteer or for more information, call 602-973-2212 or visit the HandsOn Greater Phoenix website.