GlobeSt.com EXCLUSIVE: Denali Shutters HQ

PHOENIX-Denali National Trust, developers of the popular “insta-suite” office concept, has closed up shop after more than 11 years so its principals can pursue other projects.

Jim Lentine, vice president of Denali, tells GlobeSt.com that the company recently sold off the last of its Valley holdings, the Paradise Valley Corporate center, and has disbanded its Phoenix headquarters, but the firm’s principals will continue to develop projects elsewhere throughout the country. “We’re just calling it a time out. We’re just taking a break,” says Lentine, who has been in the development business for 25 years.

The company, which opened in Phoenix in January 1992, owned, managed and developed about 2.5 million sf of office property since its inception, most of it in the form of “insta-suites,” which offer small to mid-size business owners ready-made offices complete with reception areas, kitchens and shared conference rooms. The projects were a hit with smaller tenants who scooped up office leases almost as quickly as they went on the market.