New downtown mixed-use tower nearly sold out; PAG ready to move in - Inside Tucson Business: News

default avatar
Welcome to the site! Login or Signup below.
|
Not you?||
Logout|My Dashboard

New downtown mixed-use tower nearly sold out; PAG ready to move in

Print
Font Size:
Default font size
Larger font size

Posted: Monday, November 25, 2013 4:06 pm

The mixed-use tower under construction at Broadway and Stone is near completion.

One East Broadway, so named for its address, is set to receive its first tenants by the beginning of the year.

The Pima Association of Governments and Regional Transportation Authority, which share space and staff, will be the building’s main commercial tenant. The building also has additional office space, street-level retail space, subterranean and above-ground structure parking and 24 residential apartments.

The building broke ground last October.

PAG/RTA Executive Director Farhad Moghimi said the agencies plan to move in by Jan. 1, if not a little bit earlier. PAG and RTA have a 10-year lease term for the building, which is located on the modern streetcar line.

Moghimi said the agencies will have approximately the same amount of space as they have in their current, longtime home at the Transamerica building a few blocks north, though the new offices will give them more meeting room. He said the offices are substantially completed – workers installed cubicles last week.

“If you look at it from outside it’s hard to tell that the inside is much further along,” he said.

Crystal McGuire, leasing agent for the One East Tucson apartments on the top-level sixth and seventh floors, said only seven one-bedroom units remained available as of Nov. 21. Leases commence Jan. 1, but she said she hopes to allow one week’s early occupancy.

McGuire, who is also the building’s manager, said she gives tours to potential residents daily.

Ike Isaacson, managing director for CBRE’s Tucson office, is working with commercial tenants. In addition to the PAG/RTA offices upstairs, there are two retail suites on the street level. Isaacson said he has a lease out for signature on the larger of the two spaces, a roughly 2,700-square foot corner unit that will become a restaurant, although he couldn’t disclose further details yet. If all goes well, the restaurant should be built out and open within three to five months, he said.

Isaacson said he also has an interested potential tenant for the other space, a nearly 1,400 square foot unit facing Broadway.

Contact reporter Hillary Davis at hdavis@azbiz.com or (520) 295-4254.

More about

More about

More about

Business Chatter