Telecommunications Firm Lease Carries $4.2-Mil Value

PHOENIX-A telecommunications provider has leased more than 65,000 sf in an industrial building in south Phoenix where the company plans to open a regional hub. The lease transaction is valued at $4.2 million over the five-year contract term.

Global Crossing Telecommunications Inc., an international provider of long-distance telecommunications services, will be setting up shop in the Foothills Corporate Center II, situated at 14605 S. 50th St. The company plans to move into the building in September.The industrial building is less than a quarter mile from Interstate 10, which is also the main route for the fiber-optic loop that runs through the Valley. The building is south of Ray Road and north of Chandler Boulevard.

The Phoenix office of CB Richard Ellis, with brokers Tom Adelson, Jim Fijan, Jerry Roberts and Kevin Calihan, executed the lease on behalf of building owner Colonial Development LLC of Scottsdale. The Phoenix office of Cushman Realty Group of Phoenix represented Global Crossing Telecommunications Inc. of Rochester, NY.