Younan Properties Inc. has signed a private law school to a 120-month lease for 54,822 square feet in Phoenix, Ariz.
The value of the transaction was not disclosed.
Beginning in August, Phoenix International School of Law will occupy a portion of the first floor and the entire second and third floors of the 20-story Tower Building located at 4041 North Central Plaza, plus the entire second floor of Building C of the 400,000-square-foot, class A office property. Phoenix International School of Law is currently located at 15011 N 75th St. in Scottsdale, Ariz.
According to Jay Hoselton, senior director of Cushman & Wakefield, which represented PhoenixLaw in the transaction, Central Plaza was selected for the 150-student campus for its ample parking, proximity to public transportation, an onsite cafeteria, and a landscaped, campus-style environment.
With plans to more than triple its student body within three years and to double its campus size within a decade, Phoenix International School of Law required a facility that would offer room to grow, according to a press statement.
Los Angeles, Calif.-based Younan Properties Inc. is a real estate investment group that acquires class A office properties in high-growth markets throughout the United States.