Workspace selects JLL to lease 1.3 million s.f. Phoenix portfolio
Plug-and-play office, industrial, life sciences buildings support growing demand.
PHOENIX, Arizona, June 21, 2021 – Full-service commercial real estate property company Workspace Property Trust has selected the Phoenix office of JLL to lease its 1.3 million-square-foot Phoenix portfolio.
JLL Managing Directors Mark Gustin and Steve Larsen, and Associate Mark Esslinger will represent the listings, which total 14 buildings in Cotton Center and an additional location at Elliot Road and I-10.
“The Workspace portfolio in Cotton Center is one of Phoenix’s largest concentrations of high-quality buildings offering tenants the ability to adapt as their businesses change and grow over time,” said Gustin. “Workspace has approximately 1 million square feet of life science tenants in their national portfolio. Expanding this presence in their Phoenix portfolio is a key initiative, and they have the expertise to support that effort.”
According to the recently released JLL Life Sciences Outlook, COVID-19 has accelerated momentum nationwide for life sciences real estate demand, with the worldwide prescription drug market expected to surpass $1 trillion by 2022 and benefit from pandemic-related tailwinds.
“Phoenix has a highly educated workforce and a growing research community – both of which are attractive indicators for life sciences companies and investors,” said Larsen. “We expect Phoenix to continue to grow in this sector, bringing with it a rising need for the kind of institutional real estate available through the Workspace portfolio.”
“Workspace strives to create an environment where tenants thrive and employees look forward to coming to work,” said Workspace Property Trust Co-Founder, President and COO Roger Thomas. “Our Phoenix portfolio presents an exciting opportunity to live out this mission – empowering companies for bright futures and supporting Phoenix’s notable economic growth as we emerge from a very challenging year.”
Current availabilities within the Workspace Phoenix portfolio range from 13,000 square feet to 88,000 square feet, and include two full-building opportunities ready for immediate occupancy:
- 4217 E. Cotton Center Blvd. – 88,140 square feet plug-and-play office/flex/life science
- 4303 E. Cotton Center Blvd. – 13,026 square feet office/flex/life science
- 4405 E. Cotton Center Blvd. – 23,473 square feet office/life science
- 4435 E. Cotton Center Blvd. – 37,750 square feet office/flex/life science
- 9801 S. 51st St. – 42,369 square feet plug-and-play office with 290+ cubes
For more information on Workspace, visit www.workspaceproperty.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
In Phoenix, JLL is a market leader employing more than 646 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. In 2020, the Phoenix team completed 75 million square feet in lease and sale transactions valued at $2.2 billion, directed $186 million in project management and currently manages a 54.2 million-square-foot portfolio.
For further information, visit www.jll.com.