Industrial Coworking Firm Inks 52 KSF Lease in Phoenix

4750 S 44th Place spans nearly 80,000 square feet in suburban Phoenix. Image courtesy of CommercialEdge

Industrial coworking firm Loloft has signed a leasing agreement with Workspace Property Trust for 51,902 square feet at 4750 S. 44th Place in Phoenix. Member move-ins will commence in 2024’s second quarter, while preleasing is already underway.

The location will provide a mix of shared micro-warehousing and coworking space, with available spaces ranging from 125 to 1,500 square feet. Amenities at the property will include 24-hour access, reception with guest check-in, mail handling, kitchen and common-area workspace.

Completed in 2007, the property spans 79,496 square feet and is part of the larger Cotton Center business park, which encompasses 12 buildings totaling more than 1.2 million square feet—according to CommercialEdge data. It is wholly owned by Workspace Property Trust, which acquired the building in 2016, the same source shows. In 2018, 4750 S. 44th Place became subject to a $15.3 million loan from Wells Fargo Bank.

Located near Interstate 10, the building is roughly 8 miles from downtown Phoenix, less than 5 miles from Phoenix Sky Harbor International Airport and some 4 miles from Tempe, Ariz. The property marks Loloft’s second venture. The company was founded in 2021 and debuted with a location in downtown Rogers, Ark. Its growth plans call for an expansion into markets such as Minneapolis, Kansas City, Portland, Ore., and Tampa, Fla.