Mutual of Omaha Renews, Expands in Uptown

PHOENIX-Insurance giant Mutual of Omaha added 1,000 sf to its 5,000-sf Phoenix office under a six-year renewal signed with building owner, Metropolitan Life Insurance Co.

The lease, which will cost $610,000 over the six-year term, allows the tenant to remain at 4041 N. Central Ave. location and delivers extra room for the sales team, Gordon Raguse, with Grubb & Ellis/BRE Commercial tells GlobeSt.com. “They looked at other buildings, but decided that with economics being what they are, it was smarter to stay where they were,” he adds.

Mutual of Omaha’s decision to remain in the 20-story office tower at Indian School Road and North Central Avenue in the city’s Uptown keeps the property at 67% occupancy, says Raguse, who negotiated the lease on behalf of the tenant. About 130,000 sf in the 392,000-sf office town remains available for lease. Building owner Metropolitan Life was self-represented in the transaction.