PHOENIX, Nov. 14, 2012 /PRNewswire/ -- Transwestern today announced that it has secured a lease renewal and 40 percent expansion for Phoenix Health Plan's corporate headquarters space in the prestigious Catalina Terraces complex, located at 7878 N 16th Street.
In the long-term renewal, Phoenix Health Plan has leased an additional 19,000 square feet to accommodate new personnel for two of its medical plans: Phoenix Health Plan and Abrazo Advantage Health Plan. With a total of 64,000 feet of space, it is the largest tenant in the building.
"We were thrilled to assist Phoenix Health Plan in securing additional space to accommodate their growth," said Kate Morris, senior vice president at Transwestern. "This is a centrally located building that offers an easy commute for employees who live throughout the Phoenix metropolitan area. And by restructuring the Health Plan's current lease, they were able to take advantage of favorable economic terms."
Phoenix Health Plan was represented by Morris and Vince Femiano, vice president, both of whom are based in Transwestern's Phoenix office. The Catalina Terraces owner, Santa Fe, N.M.-based Rosemont Realty, was represented by Phil Breidenbach and Keith Lambeth of Colliers International.
Built in 1990 and renovated in 2002, the three-story Catalina Terraces structure is located at the top of 16th Street and Northern. It offers excellent amenities including the Point Hilton Resort and several restaurants. With easy access to Downtown Phoenix and the Squaw Peak Parkway, Catalina Terraces is minutes from the Camelback Corridor. In 2006, the building was awarded an ENERGY STAR® Label for its operating efficiency.
ABOUT PHOENIX HEALTH PLAN
Since 1983 Phoenix Health Plan has provided Medicaid eligible members in Arizona access to a large network of medical and dental health care professionals. Serving nine different counties, and more than 200,000 eligible residents, it is a contracted health plan with Arizona Health Care Cost Containment System. Phoenix Health is also a part of the Abrazo Health Care family, the second largest health care system in Arizona. For more information, please visit http://www.phoenixhealthplan.com.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 150 offices in 30 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern.