PHOENIX, ARIZ.— Park Central’s brokerage team is now in place as the first phase of the project is complete and leasing activity is accelerating at the iconic property.
Margaret Lloyd, Senior Vice President-Brokerage Services, and Bill Cook, Vice President-Brokerage Services with Plaza Companies are teaming up with Craig Coppola, Andrew Cheney and Gregg Kafka of Lee & Associates to manage office leasing for the project. Lloyd and Cook will also team up with Brent Mallonee of Cushman & Wakefield on the retail and restaurant leasing for the property.
The project has already seen several key leases signed due to the diligent work of the Plaza Companies brokerage team, with the vast majority of previous restaurant tenants renewing their leases at the property and the addition of Creighton University, The Nerdery, Zipps Sports Grill and other companies to the project.
The reimagined Park Central boasts a variety of contemporary office environments with indoor-outdoor spaces and a host of nearby amenities, which is drawing a lot of attention to the central Phoenix property. Recently, Park Central won the prestigious Talk of The Town Award and Transaction of the Year Award, presented by the Phoenix Business Journal at the Best of NAIOP awards ceremony.
“The combined expertise of the brokers involved with Park Central is significant and will help us capitalize on the significant momentum already surrounding Park Central,” said Sharon Harper, President & CEO of Plaza Companies, one of the co-developers of the project. “We’re already seeing an incredible amount of interest in Park Central now that the first phase of construction is complete, and we are looking forward to continuing to welcome new companies to the project.”
Plaza Companies and Holualoa Companies have teamed up to redevelop Park Central Mall, which once held court as the city’s first official large-scale shopping mall. The companies have transformed the project to a bustling community hub ideal for playing, working, congregating and celebrating the arts. The first 265,000 square feet of modernized office and retail is complete. While able to accommodate users of all sizes, Park Central boasts an 80,000 SF space, ideally suited for a high-density tenant seeking a large floorplate in an amenity-rich location with light rail access and abundant parking. Park Central offers the highest parking ratio of any project along Central Avenue. Leasing activity for office and retail space is ongoing at the project and interest has been strong in the newly revitalized property.
Stan Shafer, Chief Operating Officer of Holualoa Companies, said the interest in the project from a leasing standpoint has increased now that the first phase of construction is complete.
“We are excited about the opportunities currently under discussion with potential tenants and are looking forward to seeing what the leasing team can accomplish,” Shafer said. “Park Central is an ideal location for modern, innovative companies and we are pleased with the reception we have received in the real estate community.”
Lee & Associates Arizona has specialized in providing exceptional brokerage services to the industrial, office, retail, multifamily, investment and land sectors of the Phoenix, Arizona commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in Arizona. The Plaza Companies brokerage team also boasts extensive experience and success in the Phoenix marketplace, and is recognized as a leader in the office leasing space in central Phoenix.
Park Central Mall opened in 1957 on Central Avenue and quickly became a hub of activities for some of Phoenix’s best neighborhoods due to its easy access from Central Avenue, Indian School Road and Thomas Road. Over the years, Park Central Mall has seen many changes but will be brought to life during the most recent facelift, which maintains all original standing buildings with a new exterior and state-of-the-art upgrades.
The new Park Central includes 450,000 square feet of Class A creative office and retail space available for lease with the ability to accommodate tenants ranging from 3,500 square feet to more than 100,000 square feet in size. It features exclusive tenant patios, on-site restaurants and amenities, a stunning mid-century modern design, 15-25 foot ceilings, convenient bike path and light rail access and ample parking. For more information on the project, visit www.parkcentralphoenix.com.