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Cousins Properties announced that it has signed two leases for a total of 95,000 square feet at its 100 Mill office development in Downtown Tempe. This brings the development to 80% pre-leased ahead of its delivery in the first half of 2022. Cousins has a 90% ownership interest and Hines has a 10% ownership interest in the joint venture developing the project.
Amazon signed a 63,000 square foot expansion lease, bringing its total square footage at 100 Mill to 158,000 square feet, as the company grows its Phoenix Tech Hub. Amazon currently has more than 5,000 employees in the Phoenix area and plans to create 550 more jobs with this investment. Amazon plans to occupy the initial 95,000 square feet in the first half of 2022 and the 63,000 square feet of expansion space in the second half of 2022.
LiveRamp, a growing technology firm based in San Francisco, signed a new 32,000 square foot lease to accommodate a new hub and mark its entry into the Phoenix market. The company will position several executive leaders in the office and plans to hire 100 employees.
“We continue to see rapidly growing technology companies from the West Coast select Phoenix as a market for expansion based on its abundance of talent, attractive environment and easy accessibility,” said Colin Connolly, President and Chief Executive Officer of Cousins Properties in a statement. “Our leasing pipeline for the remaining space at 100 Mill is very strong as companies continue to focus on building their culture in high-quality office space that inspires employees and encourages collaboration.”
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust. The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets.
Hines is a privately owned global real estate investment, development and management firm, founded in 1957, with a presence in 255 cities in 27 countries and $83.6 billion of investment assets under management and more than 138.3 million square feet of assets for which Hines provides third-party property-level services. Hines has 171 developments currently underway around the world, and historically, has developed, redeveloped or acquired 1,486 properties, totaling over 492 million square feet. The firm’s current property and asset management portfolio includes 634 properties, representing over 243 million square feet.