GlobeSt.com UPDATE: Meritage Inks 70,000-SF Deal

SCOTTSDALE, AZ-Although Meritage Homes Corp.’s new space in the Pinnacle at Perimeter won’t be ready for another eight months, the homebuilder has expanded its prelease from 42,612 sf to about 70,000 sf. The class A headquarters lease is valued at more than $16 million.

With the signing, Meritage Homes is the lead tenant for the under-construction, three-story office building at 17851 N. 85th St., which started out as an 85,000-sf project and has been hiked to 100,000 sf, says Austin Furst, owner of locally based Furst Properties LLC, which is developing the Pinnacle at Perimeter. As reported in November 2004 by GlobeSt.com, Meritage Homes committed to an eight-year deal at Pinnacle at Perimeter. The expanded pact delivers enough space to add two subsidiaries, Monterey Homes and Hancock Communities. More than 300 people will office in the headquarters space.

Meritage Homes currently occupies about 3,000 sf at 8501 E. Princess Dr., where Hancock Communities also leases 17,000 sf. Monterey Homes occupies 10,000 sf at 6613 N. Scottsdale Rd.