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U.S. Department of Justice, Drug Enforcement Administration (DEA)
Phoenix, AZ
80,000 SF
FD Stonewater was retained by ownership in an effort to resuscitate a leasing deal and retain a key federal tenant in their building. The client owns two buildings in Phoenix that housed the U.S. Drug Enforcement Administration (DEA). Ownership was poised to lose both tenancies because neither building could accommodate the DEA's new consolidation and size requirements. FD Stonewater developed a strategy that entailed the owner purchasing an adjacent building to one of their properties, as well as purchasing adjacent land to accommodate a new parking garage, thereby meeting the GSA's contiguous space requirements. With this strategy in place, the leasing team was able to have GSA expand their delineated area to include this property and ownership executed the 70,000 SF, 20-year (15 firm term) deal, maintaining a key federal tenancy for the owner. FD Stonewater’s third-party construction management team currently represents ownership as development manager for the comprehensive building redevelopment/renovation.

Category: Development/CM, Brokerage
DEAL INFO