Menlo Equities Signs Phoenix’s Largest Office Lease of 2023

Menlo Equities has owned One Compass Center since 2018. Image courtesy of JLL

Peckham Inc. has signed a 136,194-square-foot commitment to fully occupy One Compass Center, a Class A office property in Phoenix. JLL assisted the tenant in signing the metro’s largest office lease so far this year. Cushman & Wakefield represented the landlord, Menlo Equities, which has owned the property since 2018, CommercialEdge data shows.

The nonprofit vocational rehabilitation organization tenant will establish a contact center with 1,000 jobs designed for persons with diverse mental, emotional, physical or learning disabilities.

READ ALSO: How Lifestyle Offices Are Redefining Work-Life Balance

One Compass Center is a four-story office building at 3150 S. 48th St. that features 34,651-square-foot floorplates, three passenger elevators, controlled access and 735 covered vehicle parking spots, according to the same source. Additionally, the property includes a two-story glass entrance, an atrium lobby and outdoor spaces.

The approximately 10-acre property is within the Rayburn Acres neighborhood, close to Interstate 10 and to U.S. Route 143. One Compass Center is 2 miles from Phoenix Sky Harbor International Airport, 8 miles from downtown Phoenix, 17 miles from Glendale, Ariz., and within 30 miles of Phoenix-Mesa Gateway Airport.

JLL’s team of Vice President Kyle Seeger, Executive Vice President Jami Savage-Gray and Senior Managing Director Ryan Bartos negotiated on behalf of Peckham Inc. Cushman & Wakefield Managing Director Pat Boyle represented the landlord.

Large Phoenix office leases in 2023

CommercialEdge data shows that one of the largest office deals inked in the first half of 2023 within the Phoenix metro includes Vanguard Group’s commitment in Scottsdale, Ariz. The company signed a 133,634-square-foot expansion at Northsight Corporate Center, a 141,534-square-foot office building in the Scottsdale Airport submarket.

Another notable office deal this year was Kimley-Horn’s 78,482-square-foot lease at Camelback Arboleda, Fenway Capital Advisors’ 178,792-square-foot building in Phoenix.