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9/11/08
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The GSA – the federal government’s General Services Administration – inked a new lease for 20.3k sf of office space at Three Gateway in Phoenix on behalf of the Transportation Security Administration. The 10-year lease has a total value of $7 mil, which works out to an average rent of $2.87/sf/mo.
Located at 410 N. 44th St, Three Gateway is part of Phoenix Gateway Center, a Class A office park comprised of three properties totaling 432.6k sf situated on 12.57 acres of land. Owned by Transwestern Investment Company, the property underwent upgrades to its common areas in 2008.
Gateway Center has seen more than 80k sf of leasing so far this year. Commenting on activity at the complex, Jim Achen Jr, Senior Vice President at Transwestern, pointed out “this first class office park has a superior location which continues to attract solid tenants despite the challenging economic environment.”
Achen and Bill Zurek, also with Transwestern, represented the landlord, Transwestern Phoenix Gateway LLC. The tenant was repped by Timothy Pavek of Carpenter/ Robbins.
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