$78-Mil Office Project Lands Two More Tenants

PHOENIX-The $78-million, under-construction Phelps Dodge Tower, still under construction in the heart of downtown Phoenix, has two new tenants.

The 20-story tower will house the Regional Office of the Department of Housing and Urban Development and the law firm of Ryler, Carlock & Applewhite. The Southwest regional office of the Ryan Cos. is developing the CBD office tower, going up at the northeast corner of Central Avenue and Washington Street. The 410,000-sf project delivers in the fall.

HUD has signed a 10-year lease for 29,000 sf and Ryler, Carlock & Applewhite is taking 49,000, or the 11th and 12th floors of the tower. The firm will be relocating in August 2002 from another Phoenix location.

The office tower, only one of two major office towers to be built during this cycle, is anchored by the corporate headquarters of copper giant Phelps Dodge Corp. It is exchanging an office location that it’s occupied in uptown Phoenix for years for the tower’s top seven floors. Ryan also plans to occupy 18,000 sf. The building currently is 69% pre-leased.

The building will include several thousand square feet of street-level retail. The project is just blocks from the Civic Center, America West Arena, Bank One Ballpark and near two major downtown hotels.