PHOENIX — The groundbreaking has occurred for the Federal Bureau of Investigation's new Phoenix regional headquarters. The 210,202-square-foot building will be located at the intersection of 7th Street and Deer Valley Road in the city's Deer Valley submarket. Completion is slated for March 2012.
The General Services Administration (GSA), which handles leasing for the U.S. government, signed a build-to-suit agreement with the project's owner and developer, Minneapolis-based Ryan Cos. The government agency will occupy the building for a 20-year term. Local reports indicate the lease is valued at $154 million. The Jones Lang LaSalle team of Jessica Kokish, Suzanne Drake, Chris Roth and Dan Reidy represented the GSA in lease negotiations.
In a statement Kokish said, “Utilizing all aspects of the firm's expertise, we were able to guide the GSA through a comprehensive process than began with securing the land site and selecting a developer. Given current capital markets conditions, were determined to find a developer who could successfully construct a building for the FBI — one that will serve the agency for decades to come.”
Since 2005, Jones Lang LaSalle has assisted the GSA with more than 750 leases and is currently working on 600 additional leases.
— Coleman Wood