Phoenix-based Park Central signs three new leases

Independent Newsmedia
Posted 5/17/20

The revitalized Park Central project in uptown Phoenix has seen three new leases --- Interface Technologies, District Medical Group and Firestone Tire Center --- signed in the past few months.

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Phoenix-based Park Central signs three new leases

Posted

The revitalized Park Central project in uptown Phoenix has seen three new leases --- Interface Technologies, District Medical Group and Firestone Tire Center --- signed in the past few months.

Plaza Companies and Holualoa Companies are redevelop Park Central, which was the city’s first official large-scale shopping mall, according to a press release. The companies are transitioning the project to a community hub for playing, working, congregating and celebrating the arts.

Interface Technologies has signed a lease to occupy the entirety of the 15,500-square-foot Graham Building. Interface is building out an office with multiple studios to broadcast IT training classes. Dustin McFarland with Savills represented the tenant in the transaction.

District Medical Group renewed its 56,000-square-foot lease in the Burgbacher building for 10 years. DMG Children’s Rehabilitative Services is a multi-specialty interdisciplinary clinic with over 25 medical specialties and is designed to meet healthcare requirements of special-needs children.

DMG provides direct care to the community with over 66,000 visits annually. Bo Sederstrom represented DMG in the transaction.

Firestone Tire Center has renewed its lease on its building at the northwest corner of the property for another 10 years. A tenant for over 50 years at Park Central, Firestone has been serving the midtown neighborhood at its location on the property since 1965. Bill Cook and Margaret Lloyd of Plaza Companies represented the ownership group in all three transactions.

The Park Central development team also continues its work on the project, building a new conference center for all Park Central tenants to use, a release states.

The new conference center will be in the Goldwater Building and can accommodate up to 85 people for tenants to utilize. The conference center will also have a galley and state of the art A/V equipment.

Stan Shafer, chief operating officer for Holualoa Companies, said the project’s leasing momentum is a great sign despite the economic downturn, which came about because of the COVID-19 pandemic.

“We are pleased to see the continued interest in Park Central especially considering the current economic conditions,” he said in a prepared statement.

“It is a sign that the project remains truly desirable thanks to its innovative and welcoming design, exceptional location and strong surrounding support industries.”

Sharon Harper, chairman and CEO of Plaza Companies, said the leasing momentum is an indicator of Park Central’s role in keeping Phoenix’s economy strong.

“We want Park Central to continue to be a hub for our local economy as we enter a recovery phase in the coming weeks and months,” she said in a prepared statement.

“We are looking forward to Interface Technologies new state of the art facility at Park Central and are very pleased to continue our long-term partnerships with District Medical Group and Firestone.”

The project’s first 337,000 square feet of redeveloped office and retail is almost complete. Leasing activity for office and retail space is ongoing at the property and interest has been strong in the newly revitalized property.

The new Park Central includes 450,000 square feet of Class A creative office 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- to 25-foot ceilings, extensive bike paths, light rail access and parking.

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