Workspace Property Trust Taps JLL for 1.3M SF Portfolio Leasing

Workspace Property Trust recently selected the Phoenix office of JLL to lease its 1.3 million-square-foot Phoenix portfolio. JLL’s Mark Gustin, Steve Larsen and Mark Esslinger will represent the listings, which total 14 buildings in Cotton Center and an additional location at Elliot Road and I-10.

“The Workspace portfolio in Cotton Center is one of Phoenix’s largest concentrations of high-quality buildings offering tenants the ability to adapt as their businesses change and grow over time,” said Gustin. “Workspace has approximately 1 million square feet of life science tenants in their national portfolio. Expanding this presence in their Phoenix portfolio is a key initiative and they have the expertise to support that effort.”

According to the recently released JLL Life Sciences Outlook, COVID-19 accelerated national momentum for life sciences real estate demand with the worldwide prescription drug market expected to surpass $1 trillion by 2022 and benefit from pandemic-related tailwinds.

“Phoenix has a highly educated workforce and a growing research community – both of which are attractive indicators for life sciences companies and investors,” said Larsen. “We expect Phoenix to continue to grow in this sector, bringing with it a rising need for the kind of institutional real estate available through the Workspace portfolio.”