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June 24, 2019
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WellCare Health Plans Inks $23 Mil Lease for 81k sf in Phoenix


WellCare Health Plans Inc signed a long-term lease for 81.3k sf at Two Gateway Center in Phoenix. The 10-year transaction is worth $23 mil, or around $2.35/sf/mo.

Wellcare, a national health insurance firm, took three floors of the building, located at 432 N. 44th St. The transaction represents a major expansion for the company in the Phoenix market, since WellCare Health Plans Inc acquired Care 1st Health Plan Arizona in early 2017.

Two Gateway Center offers numerous amenities, proximity to the airport and the ability to expand into a sister building. The property also features abundant surface and covered parking, a new fitness center with an energized outdoor amenity space, an on-site deli, a tenant conference room and a tenant lounge.

Larry Downey, Brett Thompson, Dave Johnson and Liz Osborne of Cushman & Wakefield represented the tenant in the deal. Jerry Roberts and Pat Boyle, also with C&W, repped the landlord, Lowe Enterprises Inc.

“The building’s central location with the availability of contiguous space for expansion and ample parking was of the utmost importance to the client,” said Downey.

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