Cushman & Wakefield negotiate Scottsdale Loan Depot lease

Pima Northgate, in Scottsdale. (Submitted photo)

Pima Northgate, 14000 N. Pima Rd., in Scottsdale. (Submitted photo)

Cushman & Wakefield of Arizona, Inc. negotiated a long-term lease extension and expansion at Pima Northgate, 14000 N. Pima Rd., for, a loan underwriting and mortgage banking company.

The lease is for 49,787 square feet at Pima Northgate, a 140,000 square foot office building in the bustling Scottsdale Airpark submarket, according to a press release. previously occupied 25,219 square feet on the second floor of the building. Over the past year, office net absorption in that submarket has topped 200,000 square feet, second best in Metro Phoenix. The property is now 100 percent leased, the release stated.

“LoanDepot is rapidly growing and for their expansion needs, they considered several other Valley submarkets,” stated Tim Whittemore, senior director with Cushman & Wakefield’s office properties group, in the release. “Ultimately they decided to remain and expand at Pima Northgate as a result of their proven ability to recruit qualified employees in the North Scottsdale area. The Class A nature of the building is also consistent with LoanDepot’s brand and image.”

Mr. Whittemore and Chris Nord of Cushman & Wakefield represented the landlord, ASB Real Estate Investments of Bethesda, Md. LoanDepot, headquartered in Foothill Ranch, Calif., was represented by John Gillespie of Newport Commercial Realty Advisors.

Target date for expansion is Dec. 1. Other tenants at Pima Northgate include Bridge2 Solutions and Pegasus, according to the release.

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